124   Restrictions on surrender of energy savings certificates

(1)  An energy savings certificate cannot be surrendered by a scheme participant for the purposes of meeting its individual energy savings target or remedying a carried forward shortfall unless:

(a)  the certificate is registered in the register of energy savings certificates kept under this Part and the registration is in force, and

(b)  the participant is recorded in the register of energy savings certificates as the owner of the certificate, and

(c)  the certificate was created in relation to energy savings that occurred before the end of the year to which the energy savings statement relates.

(2)  The Scheme Regulator may, by notice in writing to a scheme participant, refuse to accept an election to surrender an energy savings certificate:

(a)  if, in the opinion of the Scheme Regulator, the certificate cannot be surrendered under this section, or

(b)  if, in the opinion of the Scheme Regulator, the certificate is surplus to the number required to be surrendered for the purpose of meeting the participant’s individual energy savings target or to remedy a carried forward shortfall.

(3)  If the Scheme Regulator accepts the surrender of an energy savings certificate, and the Scheme Regulator is not the Scheme Administrator, the Scheme Regulator must give the Scheme Administrator notice in writing of the decision, including details of the certificates surrendered.