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.