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The Storage of Carbon Dioxide (Licensing etc.) (Scotland) Regulations 2011

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Financial security

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7.—(1) The operator must maintain a financial security that—

(a)is of an amount (“the secured amount”) sufficient to ensure that the obligations specified in sub-paragraph (5) can be met; and

(b)is in force before the commencement of injection.

(2) The financial security remains in force until—

(a)the licence is terminated; or

(b)if the storage permit is revoked, until—

(i)a new storage permit is granted; or

(ii)if the storage site is closed following such revocation, until the licence is terminated and the financial contribution obligation is fulfilled.

(3) Following receipt of a report in respect of a reporting period made by the operator in accordance with the provisions of this storage permit, the authority is to assess whether the secured amount is appropriate in the light of—

(a)the assessed risk of leakage; and

(b)the estimated costs of meeting the obligations specified in sub-paragraph (5).

(4) If, following that assessment, the authority decides that the secured amount is to be adjusted—

(a)the authority must notify the operator of the new amount that is required; and

(b)where the secured amount is less than that new amount, the operator must ensure that it is increased to the new amount within 3 months of receiving that notification.

(5) The obligations are—

(a)all obligations of the operator arising under the storage permit, including those arising in respect of the closure of the storage site and during the period between such closure and the termination of the licence;

(b)the obligation to pay the authority’s costs under regulation 9(4)(b) or 11(6) of the Regulations; and

(c)any obligations of the operator arising in respect of the storage site under legislation implementing the ETS Directive.

(6) Where the storage permit is revoked—

(a)the obligations of the operator under this paragraph continue in effect until the licence is terminated; but

(b)the assessment by the authority under sub-paragraph (3) is to be made at such intervals as the authority may determine.

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