Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023
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Chapter 3 Payment and recovery | ||
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Obligation to pay | ||
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20. (1) A producer, intermediary or trader shall pay to the collection agent, on or before 31 January 2024, an amount equal to the adjusted surplus revenue that the producer, intermediary or trader is liable under this Act to pay. | ||
(2) A producer, intermediary or trader shall pay to the collection agent, on or before 31 August 2024, any balance of the adjusted surplus revenue the producer, intermediary or trader is liable to pay due to a settlement rerun. | ||
(3) The collection agent shall repay to a producer, intermediary or trader, on or before 31 August 2024, any overpayment of the adjusted surplus revenue made by the producer, intermediary or trader that the collection agent is liable to repay due to a settlement rerun. | ||
(4) A producer, intermediary or trader shall pay to the collection agent, not more than 30 days after a date as may be prescribed, any balance of the adjusted surplus revenue that the producer, intermediary or trader is liable to pay due to a hedging arrangement or a power purchase agreement. | ||
(5) The collection agent shall, not more than 30 days after a date as may be prescribed, repay to a producer, intermediary or trader any overpayment of the adjusted surplus revenue made by the producer, intermediary or trader that the collection agent is liable to repay due to a hedging arrangement or a power purchase agreement. | ||
(6) A payment, relating to an amount otherwise required to be paid under subsection (1), (2) or (4) shall, where a person is required under section 18 (3) to make a new return containing a revised assessment, be made on or before the later of— | ||
(a) the date referred to in subsection (1), (2) or (4), or | ||
(b) 60 days after the giving of a notice under section 18 (3). | ||
(7) The adjusted surplus revenue payable to the collection agent under subsection (1), (2) or (4) shall be recoverable by the collection agent from a producer, intermediary or trader concerned as a simple contract debt in any court of competent jurisdiction. |