3.1 With effect from each Annual Review Date, the Annual Energy Target shall be recalculated using the formula set out in paragraph 2.7 above, but using, for the purposes of X, the most recently published 20 Year Average as at the Annual Review Date and, where appropriate, for the purposes of C, the revised Baseload, and for the purposes of M, the revised Slope, calculated in accordance with the following provisions of this paragraph 3.
3.2 During each of the 24 Contract Months ending on a Baseload and Slope Review Date (the "Baseload and Slope Review Period"), Energy Consumption shall be measured in accordance with paragraph 6 below.
3.3 By no later than one Contract Month after the date on which the figure for Degree Days in respect of the final Contract Month of the Baseload and Slope Review Period is published, Project Co shall provide to the Board a certificate showing:
3.3.1 the Energy Consumption in each Contract Month during the Baseload and Slope Review Period, expressed as a number of Units of Energy calculated in accordance with paragraph 6; and
3.3.2 the number of Degree Days in respect of each of those Contract Months.
3.4 Using the data referred to in paragraph 3.3 and following the same procedure as that set out in paragraphs 2.4 to 2.6 inclusive, the parties shall re-calculate the Baseload and Slope. The revised Baseload and Slope (factors M and C) shall be used for the purposes of calculating the Annual Energy Target, and any revisions to the Annual Energy Target, with effect from the Baseload and Slope Review Date and on each Annual Review Date thereafter until the next Baseload and Slope Review Date.
3.5 The Annual Energy Target shall also be reviewed following a Qualifying Variation which has, or can reasonably be expected to have, an effect on Energy Consumption.
3.6 By no later than 10 Business Days after the submission by Project Co of a certificate referred to in paragraph 6 in respect of a quarter ending on an Annual Review Date, Project Co shall provide to the Board details of any Energy Consumption which has arisen as a result of the factors listed in paragraph [ ] of Part [33] of the Schedule (Joint Operating Protocol) during the Energy Year ending on the Annual Review Date and which has been raised at the Joint Utilities Management Group during the relevant Energy Year. The parties agree that:
3.6.1 for the purposes of the Energy Year ending on the Annual Review Date only, the Annual Energy Target shall be increased by the amount of Energy Consumption which has arisen as a result of the factors listed in paragraph [ ] of Part [33] of the Schedule (Joint Operating Protocol) during the Energy Year ending on the Annual Review Date and which has been raised at the Joint Utilities Management Group during the relevant Energy Year (and, for the avoidance of doubt, the Annual Energy Target will not be so adjusted for the next following Energy Year); and
3.6.2 the Monthly Service Payment shall be adjusted by an amount "IE" in accordance with paragraph 1.1.12 of Section B of Part 18 of the Schedule (Payment Mechanism) to account for the cost to Project Co of such increased Energy Consumption provided, to avoid doubt, there shall be no double counting of amounts received by Project Co pursuant to the adjustment under paragraph 7.2 of Section F of this Part 18 of the Schedule (Payment Mechanism).]114
___________________________________________________________________________
114 See footnote on Joint Operating Protocol definition