Part 2: Carbon dioxide capture, storage etc and hydrogen production, transport and storage Chapter 1: Revenue Support Contracts Section 59: Designation of carbon dioxide transport and storage counterparty
This section makes provision for the Secretary of State to designate a person by notice, with the consent of that person, to be the counterparty for carbon dioxide transport and storage revenue support contracts. A carbon dioxide transport and storage revenue support contract is a contract to be entered into between the counterparty and a holder of a licence under section 7.
	Subsection (5) provides that more than one carbon dioxide transport and storage counterparty may be designated at one time.
	Subsection (6) deals with the continuity of counterparties. If the designation of a carbon dioxide transport and storage counterparty were to lapse, the Secretary of State must, as soon as reasonably practicable, make a transfer scheme under section 86, transferring all contracts to that new carbon dioxide transport and storage counterparty. This is designed to ensure that where a carbon dioxide transport and storage counterparty ceases to be designated the contracts are transferred to a new carbon dioxide transport and storage counterparty.