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The Contracts for Difference (Electricity Supplier Obligations) Regulations 2014
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- UK Statutory Instruments
- 2014 No. 2014
- PART 4
- CHAPTER 10
- Regulation 31
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Discharge of obligations by paymentU.K.
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31.—(1) This regulation applies where an electricity supplier makes a payment to the CFD counterparty for the purpose of discharging its relevant obligations but that payment is insufficient to do so.
(2) The CFD counterparty must use the payment—
(a)first, to discharge (in whole or in part) any relevant obligation of the supplier arising under regulation 23(1);
(b)where part of the payment remains, secondly, to discharge any relevant obligation of the supplier which is not one arising under regulation 23(1); and
(c)where part of the payment still remains, thirdly, to discharge any obligation of the supplier to make a payment of interest.
(3) Where more than one relevant obligation falls within a sub-paragraph of paragraph (2), the CFD counterparty must determine the order in which those obligations are to be discharged.
(4) On the day on which the CFD counterparty uses the payment it must issue a notice to the supplier which sets out the details of—
(a)any relevant obligation which has been wholly discharged;
(b)any relevant obligation which has been partially discharged, and the extent to which it has been discharged; and
(c)any relevant obligation which has not been discharged.
(5) For the purposes of this regulation, any amount treated as a payment by an electricity supplier to the CFD counterparty by virtue of regulation 21(4) or (5) or regulation 30(3) is to be treated as a payment made by that supplier to the CFD counterparty for the purpose of discharging its relevant obligations.
(6) In this regulation—
“payment of interest” means a payment of interest which is required to be made by virtue of regulation 8(6), 9(7), 11(2), 14(8), 16(5), 17(6) [F1or 23(6)];
“relevant obligation”, in relation to an electricity supplier, means any obligation of that supplier to make a payment under these Regulations where the date by which that payment should have been made has passed.
Textual Amendments
F1Words in reg. 31(6) substituted (1.4.2016) by The Electricity Supplier Payments (Amendment) Regulations 2016 (S.I. 2016/363), regs. 1(3), 21(2)
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