Moved by
Lord Oates
50: After Clause 64, insert the following new Clause—
“Designation of a long duration energy storage counterparty
(1) The Secretary of State may by notice given to a person designate the person to be a counterparty for long duration energy storage revenue support contracts.
(2) A “long duration energy storage revenue support contract” is a contract in relation to which both the following paragraphs apply—
(a) the contract is between a long duration energy storage counterparty and the holder of a licence under section 7;
(b) the contract was entered into by a long duration energy storage counterparty in pursuance of a direction given to it under section 60(1).
(3) A person designated under subsection (1) is referred to in this Chapter as a “long duration energy storage counterparty”.
(4) A designation may be made only with the consent of the person designated (except where that person is the Secretary of State).
(5) The Secretary of State may exercise the power to designate so that more than one designation has effect under subsection (1), but only if the Secretary of State considers it necessary for the purposes of ensuring that—
(a) liabilities under a long duration energy storage revenue support contract are met,
(b) arrangements entered into for purposes connected to a long duration energy storage revenue support contract continue to operate, or
(c) directions given to a long duration energy storage counterparty continue to have effect.
(6) As soon as reasonably practicable after a designation ceases to have effect, the Secretary of State must make one or more transfer schemes under section 79 to ensure the transfer of all rights and liabilities under any transport and storage revenue support contract to which the person who has ceased to be a transport and storage counterparty was a party.”