Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023
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Interpretation | ||
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2. (1) In this Act— | ||
“Act of 1999” means the Electricity Regulation Act 1999 ; | ||
“adjusted surplus revenue” shall be construed in accordance with section 12 ; | ||
“affiliated person” means— | ||
(a) in relation to a company formed and registered under the Companies Act 2014 or an existing company within the meaning of that Act— | ||
(i) any parent company or any wholly owned subsidiary company of the company, or any company that is part of a group of companies with that company within the meaning of section 8 of the Companies Act 2014 , or | ||
(ii) the spouse or any relative, or the spouse of any relative, of a director, manager, secretary or other officer of the company, | ||
and | ||
(b) in relation to an individual— | ||
(i) a relative of the individual, | ||
(ii) a person acting on behalf of the individual or of a relative of the individual, | ||
(iii) a company or other body of which the individual or relative of the individual, or a nominee of them, is a member, | ||
(iv) a partnership in which the individual or a relative of the individual is a partner, or | ||
(v) an employer of the individual, or of a relative of the individual; | ||
“balancing market” has the meaning given to it by section 6 ; | ||
“billing period” in relation to a settlement rerun, shall be construed in accordance with section G.2.2.2 of Part B of the Trading and Settlement Code; | ||
“collection agent” means EirGrid, the person licensed as the Single Electricity Market operator under section 14(1)(j) of the Act of 1999; | ||
“competent authority” means the Commission for Regulation of Utilities, being the competent authority designated under the European Union (Risk Preparations) Regulations 2020 ( S.I. No. 342 of 2020 ); | ||
“Council Regulation” means Council Regulation (EU) 2022/1854 of 6 October 20222 on an emergency intervention to address high energy prices; | ||
“current account” shall be construed in accordance with section 25 ; | ||
“day ahead market” has the meaning given to it by section 6 ; | ||
“distribution system” shall be construed in accordance with the meaning given to it in the definition of “distribution” in the Act of 1999; | ||
“distribution system operator” means the Electricity Supply Board being the holder of the licence referred to in section 14(1)(g) of the Act of 1999; | ||
“electricity market” means the Single Electricity Market; | ||
“export only supplier” means a market participant— | ||
(a) who does not sell electricity to wholesale customers (within the meaning of the Act of 1999) or final customers, | ||
(b) is licensed to supply electricity under section 14(1)(b) of the Act of 1999, and | ||
(c) who supplies electricity on behalf of more than one producer, each of which producer has a generating unit with installed capacity of less than 10 megawatts; | ||
“ex-ante market” has the meaning given to it by section 6 ; | ||
“final customer” has the meaning given to it by the Act of 1999; | ||
“Fund” means the Market Cap Fund established under section 25 ; | ||
“generating unit” means an apparatus that produces electricity, measured in megawatts, for which the maximum electrical output capable of being delivered on a sustained basis without accelerated loss of equipment life at the point where the apparatus is joined to the transmission system or the distribution system, is one or more than one whole megawatt; | ||
“hedging arrangement” shall be construed in accordance with section 14 ; | ||
“imbalance settlement period” means, in relation to each consecutive hour during the relevant period, a 30 minute period beginning at each hour and at 30 minutes past each hour; | ||
“inspector” means an inspector appointed under section 56 of the Act of 1999; | ||
“installed capacity” means the maximum instantaneous power that a generating unit can produce under specific conditions designated by the manufacturer and expressed in megawatts; | ||
“intermediary” shall be construed in accordance with section 6 ; | ||
“intraday market” has the meaning given to it by section 6 ; | ||
“investment account” shall be construed in accordance with section 25 ; | ||
“loss-adjusted metered quantity” shall be construed in accordance with Sections F.2.5 and F.4 of Part B of the Trading and Settlement Code; | ||
“market cap” shall be construed in accordance with section 8 ; | ||
“market index price” has the meaning given to it by section 9 ; | ||
“market participant” has the meaning given to it by the Act of 1999; | ||
“Minister” means the Minister for the Environment, Climate and Communications; | ||
“monthly capped revenue” shall be construed in accordance with section 10 ; | ||
“monthly market revenue” shall be construed in accordance with section 10 ; | ||
“power purchase agreement” has the meaning given to it by section 10 ; | ||
“preliminary surplus revenue” shall be construed in accordance with section 11 ; | ||
“prescribed” means prescribed by regulations or schemes made by the Minister or by regulations made by the competent authority having consulted with the Minister; | ||
“producer” shall be construed in accordance with section 6 ; | ||
“REFIT power purchase agreement” means a REFIT power purchase agreement referred to in the Electricity Regulation Act 1999 (Public Service Obligations) Order 2002 ( S.I. No. 217 of 2002 ); | ||
“relative” means, in relation to an individual, a child, step-child, parent, brother, sister, spouse, civil partner within the meaning of section 3 of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 , cohabitant, within the meaning of section 172(1) of that Act of 2010, grandparent, or grandchild of the individual or a child of the individual’s civil partner or cohabitant; | ||
“relevant period” has the meaning given to it by section 8 ; | ||
“relevant quantity” has the meaning given to it by section 10 ; | ||
“return” means a return made by a producer, intermediary or trader under section 15 ; | ||
“scheme” means a scheme prescribed by the Minister under section 28 ; | ||
“SEMO” means— | ||
(a) in relation to the State, the Single Electricity Market operator, and | ||
(b) in relation to Northern Ireland, the person appointed to perform like functions in Northern Ireland to those performed by the Single Electricity Market operator in the State; | ||
“settlement rerun” means a settlement rerun carried out by the Single Electricity Market operator in the 4th month and 13th month after the end of a billing period, in accordance with Section G.2.9 of Part B of the Trading and Settlement Code, the objective of which is to adjust the financial position of market participants by taking account of matters including updated data relating to metered generation of electricity; | ||
“Single Electricity Market” has the meaning given to it by the Act of 1999; | ||
“Single Electricity Market operator” means EirGrid, being the person licensed as the Single Electricity Market operator under section 14(1)(j) of the Act of 1999; | ||
“trader” shall be construed in accordance with section 6 ; | ||
“Trading and Settlement Code” means the Single Electricity Market Trading and Settlement Code, established under section 9BA(1) of the Act of 1999, concerning rules and procedures for the purchase and sale of wholesale electricity in the Single Electricity Market and in operation during the relevant period including as respects a settlement rerun relating to a billing period occurring during the relevant period; | ||
“transmission system” shall be construed in accordance with the meaning given to it in the definition of “transmission” in the Act of 1999; | ||
“transmission system operator” means a holder of a licence referred to in section 14(1)(e) of the Act of 1999. | ||
(2) In this Act a word or expression which is used in this Act and which is also used in the Council Regulation has, unless the context otherwise requires, the same meaning in this Act as it has in the Council Regulation. | ||