The Carbon Dioxide Transport and Storage (Financing of Costs of Offshore Decommissioning) Regulations 2026
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Change 1
Schedule 1 Fund operational period and post operations period
Regulation 2(4) 1 The “fund operational period”, at any given time, is to be interpreted and determined as the period— (a) beginning with the first day that an activity mentioned in section 2(2) of the 2023 Act, and authorised by a section 7 licence, commences, and (b) ending on the day on which the last storage site covered by the section 7 licence is planned to close, or closes, pursuant to either paragraph 2(1) of Schedule 1 to the Licensing Regulations (OGA), paragraph 1(1) of Schedule 1 to the Licensing Regulations (Scotland), or paragraph 1(1) of Schedule 1 to the Licensing Regulations (NI). 2 The “post operations period”, at any given time, is to be interpreted and determined as the period that— (a) begins with the day that immediately follows the last day of the fund operational period, and (b) ends on the day the last financial contribution is planned to be paid to, or is received by, the appropriate minister under the Termination Regulations. 3 A relevant person may submit a request to the Secretary of State to amend the dates of the fund operational period, or the dates of the post operations period, provided the request includes evidence that— (a) a relevant person has notified all relevant regulators of the proposed amended dates, and (b) all relevant regulators have confirmed in writing that there is no objection. 4 Where a proposal for amended dates as mentioned in paragraph 3 is approved by the Secretary of State, with effect from the date of the Secretary of State’s approval— (a) the amended fund operational period replaces the previous fund operational period, and (b) the amended post operations period replaces the previous post operations period. 5 For the purposes of this Schedule, reference to a date that is “planned” means— (a) in a case where a date is approved by, notified by, or notified to, a relevant regulator, the date approved or notified, and (b) in any other case, the date a relevant person expects an event to occur, in the absence of early termination or revocation of a licence or storage permit.
Schedule 1 Fund operational period and post operations period
Regulation 2(4) 1 The “fund operational period”, at any given time, is to be interpreted and determined as the period— (a) beginning with the first day that an activity mentioned in section 2(2) of the 2023 Act, and authorised by a section 7 licence, commences, and (b) ending on the day on which the last storage site covered by the section 7 licence is planned to close, or closes, pursuant to either paragraph 2(1) of Schedule 1 to the Licensing Regulations (OGA), paragraph 1(1) of Schedule 1 to the Licensing Regulations (Scotland), or paragraph 1(1) of Schedule 1 to the Licensing Regulations (NI). 2 The “post operations period”, at any given time, is to be interpreted and determined as the period that— (a) begins with the day that immediately follows the last day of the fund operational period, and (b) ends on the day the last financial contribution is planned to be paid to, or is received by, the appropriate minister under the Termination Regulations. 3 A relevant person may submit a request to the Secretary of State to amend the dates of the fund operational period, or the dates of the post operations period, provided the request includes evidence that— (a) a relevant person has notified all relevant regulators of the proposed amended dates, and (b) all relevant regulators have confirmed in writing that there is no objection. 4 Where a proposal for amended dates as mentioned in paragraph 3 is approved by the Secretary of State, with effect from the date of the Secretary of State’s approval— (a) the amended fund operational period replaces the previous fund operational period, and (b) the amended post operations period replaces the previous post operations period. 5 For the purposes of this Schedule, reference to a date that is “planned” means— (a) in a case where a date is approved by, notified by, or notified to, a relevant regulator, the date approved or notified, and (b) in any other case, the date a relevant person expects an event to occur, in the absence of early termination or revocation of a licence or storage permit.
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