The Energy (Oil and Gas) Profits Levy (Energy Security Investment Mechanism) Regulations 2024
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3 Meaning of the average price of gas
(1) For the purposes of section 17A(1)(b) of the 2022 Act, the average price of gas in pounds sterling per therm over a reference period is to be calculated using the following steps— Step 1 Calculate the average price of gas for each ICIS publishing day in the reference period using the formula— C D where— “C” is the sum of the ICIS gas price for each ICIS publishing day in the reference period, and “D” is the number of ICIS publishing days in the reference period. Step 2 Divide the result from Step 1 by 100 to convert the unit price from pence to pounds. Step 3 Round the result from Step 2 to two decimal places on an arithmetical basis. (2) In this regulation— “ICIS” means the Independent Commodity Intelligence Services, a business division of RELX Group plc (company number 00077536); “ICIS gas price” means the daily price for gas in GB pence per therm published by ICIS in the series described as “National Balancing Point (NBP) Price Assessment Day-Ahead Bid/Offer Range Daily (Bid): GBp/th”; and “ICIS publishing day” means any day on which ICIS publishes the ICIS gas price.
3 Meaning of the average price of gas
(1) For the purposes of section 17A(1)(b) of the 2022 Act, the average price of gas in pounds sterling per therm over a reference period is to be calculated using the following steps— Step 1 Calculate the average price of gas for each ICIS publishing day in the reference period using the formula— C D where— “C” is the sum of the ICIS gas price for each ICIS publishing day in the reference period, and “D” is the number of ICIS publishing days in the reference period. Step 2 Divide the result from Step 1 by 100 to convert the unit price from pence to pounds. Step 3 Round the result from Step 2 to two decimal places on an arithmetical basis. (2) In this regulation— “ICIS” means the Independent Commodity Intelligence Services, a business division of RELX Group plc (company number 00077536); “ICIS gas price” means the daily price for gas in GB pence per therm published by ICIS in the series described as “National Balancing Point (NBP) Price Assessment Day-Ahead Bid/Offer Range Daily (Bid): GBp/th”; and “ICIS publishing day” means any day on which ICIS publishes the ICIS gas price.
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