Part 2: Carbon dioxide capture, storage etc and hydrogen production, transport and storage Chapter 1: Revenue Support Contracts Section 63: Designation of hydrogen storage counterparty
Section 63 makes provision for the Secretary of State to designate a person by notice, with the consent of that person, to be a counterparty to hydrogen storage revenue support contracts. A hydrogen storage counterparty will enter into and manage contracts with eligible hydrogen storage providers.
	Subsection (5) provides that more than one hydrogen storage counterparty may be designated at one time.
	Subsection (6) deals with continuity of hydrogen storage counterparties. If the designation of a hydrogen storage counterparty were to lapse, the Secretary of State must, as soon as reasonably practicable, make a transfer scheme under section 86, transferring contracts to a new hydrogen storage counterparty. This is designed to ensure that where a hydrogen storage counterparty ceases to be designated, the contracts are transferred to a new hydrogen storage counterparty.
	Subsection (7) defines "hydrogen storage provider". Subsection (8) and subsection (9) provide further clarification on this definition, including territorial scope and transporting of compounds.