PART 7Final

154Financial provisions

1

The following are to be paid out of money provided by Parliament—

a

any expenditure incurred by the Secretary of State by virtue of this Act;

b

any expenditure incurred by the Authority by virtue of this Act;

c

any increase attributable to this Act in the sums payable out of money so provided under any other enactment.

2

The expenditure referred to in subsection (1)(a) includes expenditure incurred by the Secretary of State for the purposes of, or in connection with—

a

the establishment of a CFD counterparty;

b

making payments or providing financial assistance to a CFD counterparty;

c

obtaining advice and assistance in relation to the exercise of functions conferred on the Secretary of State by or by virtue of Chapter 2 or 3 of Part 2;

d

making payments or providing financial assistance to a settlement body in relation to capacity agreements (see section 28(4)(g));

e

making payments or providing financial assistance to the national system operator, a person or body on whom a function is conferred by virtue of section 35 or an alternative delivery body in connection with the exercise of EMR functions.

3

Financial assistance or payments includes financial assistance or payments given subject to such conditions as may be determined by, or in accordance with arrangements made by, the Secretary of State; and such conditions may in particular in the case of a grant include conditions for repayment in specified circumstances.

4

In this section—

  • “alternative delivery body” and “EMR functions” have the same meaning as in section 46;

  • “CFD counterparty” and “national system operator” have the same meaning as in Chapter 2 of Part 2;

  • “financial assistance” means grants, loans, guarantees or indemnities, or any other kind of financial assistance.