Schedule 1: Interim power of Secretary of State to grant licences
This Schedule provides that section 7 to 12 of the Act will have effect subject to the modifications made by the Schedule until the end of the interim period. The effect of these modifications is that during the interim period it is the Secretary of State that will exercise those powers and not the economic regulator. Under the Schedule, the Secretary of State can make regulations setting out the date when the interim period ends i.e., date on which the power to grant licences authorising CO2 transport and storage activities transfers from the Secretary of State to the economic regulator.