The Northern Ireland Authority for Utility Regulation, having:
(A) reviewed and considered each of the requirements of the condition titled “Modification of Supply Competition Code and cancellation of contracts” as may be included in any electricity licence (the cancellation condition), and
(B) evaluated the electricity trading arrangements which are to be implemented (in whole or in part) under or by virtue of the powers contained in the Electricity (Single Wholesale Market) (Northern Ireland) Order 2007 (the SEM) against these requirements,has determined, pursuant to paragraph 1 of the cancellation condition in each electricity licence in which it is included, as follows –
(1) The arrangements which take the form of the SEM are the development of requisite arrangements in accordance with paragraph 2 of the cancellation condition.
(2) The arrangements which take the form of the SEM satisfy each of the requirements of paragraph 3 of the cancellation condition.
We will in due course publish a paper setting out our detailed rationale for making this determination.