3.—(1) Subject to sub-paragraph (2), for specific investment projects completed—
(a)since 15th March 1988; or
(b)following the coming into operation of these Regulations,
the, infrastructure manager may set or continue to set higher charges on the basis of the long-term costs of the project.
(2) For sub-paragraph (1) to apply—
(a)the effect of the higher charges must be to increase the efficiency or cost-effectiveness of the project; and
(b)it must be the case that the project could not otherwise have been undertaken without the prospect of such higher charges.
(3) A charging arrangement to which sub-paragraph (1) applies may incorporate agreements on the sharing of the risk associated with new investments.