- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
8.—(1) Instead of producing certificates pursuant to Article 3, a designated electricity supplier may discharge (in whole or in part) his renewables obligation in relation to a particular obligation period by making a payment to the Authority before the specified day relating to that obligation period.
(2) Subject to paragraphs (3) to (5), the payment to be made under paragraph (1) is thirty two pounds and thirty three pence for each megawatt hour of electricity generated from eligible renewable sources for which the designated electricity supplier does not produce NIROCs pursuant to Article 3 or eligible GBROCs pursuant to Article 9 (“the buy-out price”).
(3) If, in the case of the calendar year 2005 or any subsequent calendar year, the annual retail prices index for that year (“the later year”) is higher or lower than that for the previous year, the buy-out price relating to the obligation period beginning on the 1st April immediately following the later year shall be increased (if the index is higher) or decreased (if the index is lower) by the annual percentage inflation rate of the retail prices index for the later year.
(4) When the buy-out price is calculated under paragraph (3) the result shall be rounded to the nearest penny (with any exact half of a penny being rounded upwards).
(5) In this Article and in Article 18 “the retail prices index” means –
(a)the general index of retail prices (for all items) published by the Office for National Statistics; or
(b)where the index is not published for a year, any substituted index or figures published by that Office.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: