Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023
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Recovery of interest in respect of overdue amount | ||
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22. (1) Where a producer, intermediary or trader fails to pay to the collection agent the amount of adjusted surplus revenue the producer, intermediary or trader is liable to pay under subsection (1), (2) or (4) of section 20 by the date referred to in subsection (1), (2), (4) or (6) of section 20 , the producer, intermediary or trader shall be liable to pay interest thereon to the collection agent, and the amount of that interest shall be determined in accordance with subsection (2). | ||
(2) The interest referred to in subsection (1) shall be determined by the following formula— | ||
A x D x R | ||
where— | ||
A is the adjusted surplus revenue which remains unpaid, | ||
D is the number of days (including part of a day) in the period during which the adjusted surplus revenue remains unpaid, and | ||
R is the rate of 0.0219 per cent. | ||
(3) An amount payable to the collection agent under this section may be recovered by the collection agent from the producer, intermediary or trader concerned as a simple contract debt in any court of competent jurisdiction. |