Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023
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Further provision relating to adjusted surplus revenue | ||
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13. (1) Where adjusted surplus revenue is nil in respect of a generating unit for a month during the relevant period, the producer, intermediary or trader shall not be liable, for that generating unit, to make any payment in respect of the market cap for that month. | ||
(2) Adjusted surplus revenue in respect of a generating unit for a month during the relevant period shall be calculated, under section 12 , subject to any calculation required on foot of a settlement rerun applying in respect of the generating unit. | ||
(3) Where an intermediary pays directly to final customers an amount from what would, but for this subsection be any or all of the adjusted surplus revenue of the intermediary then the intermediary shall not be liable to pay the market cap in respect of the amount so paid to final customers. | ||
(4) For the purposes of subsection (3), “pays directly to final customers” means— | ||
(a) the intermediary shall be taken to have so paid directly where, during the relevant period, the difference in revenue gained by the intermediary from sales of electricity by the intermediary to final customers and the wholesale cost to the intermediary of purchasing that electricity and the network charges incurred by the intermediary, divided by the total volume of electricity sold by the intermediary, is no greater than the historical average of the fiscal years 2018 to 2021 for the intermediary, or | ||
(b) the intermediary has paid out monetary benefits to final electricity customers out of what would, but for subsection (3), be its adjusted surplus revenue. |