The Carbon Dioxide Transport and Storage (Determination of Turnover for Penalties) Regulations 2024
Paragraph 4 of Schedule 3 to the Energy Act 2023 (“the Act”) provides that where the economic regulator (the Gas and Electricity Markets Authority) is satisfied that a carbon dioxide transport and storage licence holder has contravened or is contravening any relevant condition or requirement imposed on the licence holder, the economic regulator may impose on the licence holder a penalty of such amount as is reasonable in all the circumstances of the case not exceeding 10 per cent of the licence holder’s turnover.
Lifecycle
Department
Made
31 Oct 2024
—
Comes into force
TBC
Enabling power
The Secretary of State makes these Regulations in exercise of the powers conferred by sections 32 and 331(2) of, and paragraph 10(2) of Schedule 3 to, the Energy Act 2023. In accordance with paragraph 10(3) of Schedule 3 to and section 331(3) of that Act a draft of these Regulations has been laid before, and approved by a resolution of, each House of Parliament.
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