Half-hourly settlement of electricity imbalances

11 Modification of electricity codes etc: settlement using smart meter information
(1) The Gas and Electricity Markets Authority (“the Authority”) may—
(a) modify a document maintained in accordance with an electricity licence, and
(b) modify an agreement that gives effect to such a document,
if the condition in subsection (2) is satisfied.
(2) The condition is that the Authority considers the modification necessary or desirable for the purposes of enabling or requiring half-hourly electricity imbalances to be calculated using information about customers' actual consumption of electricity on a half-hourly basis.
(3) The power to make modifications under this section includes—
(a) power to make provision about the determination of amounts payable in connection with half-hourly electricity imbalances;
(b) power to remove or replace all of the provisions of a document or agreement;
(c) power to make different provision for different purposes;
(d) power to make incidental, supplementary, consequential or transitional modifications.
(4) A modification may not be made under this section after the end of the period of 5 years beginning with the day on which this section comes into force.
(5) In this section—
“balancing arrangements” means arrangements made by the transmission system operator for the purposes of balancing the national transmission system for Great Britain;
“electricity licence” means a licence under section 6(1) of the Electricity Act 1989;
“half-hourly electricity imbalance” means the difference between the amount of electricity consumed by an electricity supplier's customers during a half-hour period and the amount of electricity purchased by the electricity supplier for delivery during that period, after taking into account any adjustments in connection with the supplier's participation in balancing arrangements;
“supply”, in relation to electricity, has the same meaning as in Part 1 of the Electricity Act 1989 (see section 4(4) of that Act);
“transmission system” has the same meaning as in Part 1 of the Electricity Act 1989 (see section 4(4) of that Act);
“transmission system operator” means the person operating the national transmission system for Great Britain.