Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023
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PART 2 Calculation, Return, Payment and Recovery | ||
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Chapter 1 Calculation | ||
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Application of Act to certain persons | ||
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6. (1) Each of the following persons shall be liable, subject to this Act, to make a payment referred to in section 8 : | ||
(a) a person (in this Act referred to as a “producer”) who holds a licence under section 14(1)(a) of the Act of 1999, in respect of a generating unit with installed capacity of one or more than one megawatt which produces electricity from a source specified in section 7 ; | ||
(b) a person (in this Act referred to as an “intermediary”) appointed and authorised, under and in accordance with Section B.11 of Part B of the Trading and Settlement Code, by a producer to be an intermediary on behalf of the producer; | ||
(c) a person (in this Act referred to as a “trader”) appointed and authorised under and in accordance with Section B.7 of Part B of the Trading and Settlement Code, by a producer or an intermediary to sell electricity in accordance with the SEMOpx rules on behalf of the producer or intermediary, in the ex-ante market or the balancing market. | ||
(2) In this section— | ||
“balancing market” means the market operated by SEMO to continuously balance generation of and demand for electricity in order to maintain stable and secure operation of the transmission system; | ||
“day ahead market” means a part of the electricity market operated by SEMOpx where market participants submit their offers and bids for electricity supply and demand, respectively, for the immediately following day which facilitates the efficient scheduling and dispatch of electricity generation resources based on anticipated supply and demand conditions wherein the market-clearing price is determined based on the intersection of the offers and bids, and which establishes the price of electricity for the day ahead; | ||
“ex-ante market” means a day-ahead market or an intraday market; | ||
“intraday market” means a part of the electricity market operated by SEMOpx where market participants may trade electricity closer to real-time, after the day ahead market has concluded, and adjust and optimise their positions or meet unforeseen changes in electricity supply or demand, and manage imbalances between scheduled and actual electricity flows, in a timely manner; | ||
“SEMOpx” is the nominated electricity market operator (NEMO) designated by the SEMO under and in accordance with Commission Regulation (EU 2015/1222) of 24 July 20153 and Title VIII of the Trade and Cooperation Agreement between the European Union and the European Atomic Energy Community of the one part and the United Kingdom of Great Britain and Northern Ireland of the other part, done at Brussels and London on 30 December 20204 to operate the ex-ante market under and in accordance with that Regulation and Agreement. | ||