214 Payment as alternative to complying with certain energy company obligations
Energy Act 2023 (2023 c 52) | Legislation

Reduction targets: carbon emissions and home-heating costs

214  Payment as alternative to complying with certain energy company obligations

(1)     In section 33BC of the Gas Act 1986 (promotion of reductions in carbon emissions: gas transporters and gas suppliers), after subsection (7B) insert—

“(7C)     The order may make provision as to circumstances in which a transporter or supplier may meet the whole or any part of a carbon emissions reduction target by making a buy-out payment.

(7D)     In this section, “buy-out payment” means a payment—

(a)     of an amount (“the buy-out price”) determined by the Secretary of State,

(b)     to a person approved by the Administrator (an “approved person”),

(c)     for a purpose approved by the Administrator (an “approved purpose”).

(7E)     Provision made by virtue of subsection (7C) may include provision about the determination by the Secretary of State of the buy-out price, including provision—

(a)     enabling the Secretary of State to set different buy-out prices—

(i)     for different parts of the period to which the order relates;

(ii)     for different cases (including different buy-out prices for different transporters or suppliers);

(b)     requiring the Secretary of State to publish the buy-out price.

(7F)     If the order makes provision

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