Slaughter and May
11 Experts
9 Contributions by Slaughter and May Experts
PRACTICE NOTES
Income sources for a storage scheme hinge on the relevant electricity market, the technology deployed, the size of the project and whether it runs behind the meter to meet a specific site’s needs or is connected to the grid. Storage can generally extract value through some or all of the following:
supplying grid services (frequency response, Capacity Market income, demand-side response)
market price arbitrage
smoothing generation output and avoiding imbalance charges in a hybrid model where an underlying (typically intermittent) electricity generation plant is co-located with a storage unit
These income streams are explained in more detail below. All such revenue forms are described in further detail below. More detail is provided below. Investors usually want the flexibility to stack (i.e. combine) revenues, perhaps relying on different sources at different times of day or year, whilst debt financiers will look for a longer-term contracted base revenue stream to
Energy
PRACTICE NOTES
This Practice Note outlines green loans and the principal considerations when preparing a green loan agreement. It centres on the Green Loan Principles (GLP) issued by the Loan Market Association (LMA), the Asia Pacific Loan Market Association (APLMA) and the Loan Syndications and Trading Association (LSTA)...
Clarifies the meaning of a green loan
Introduces the GLP and the accompanying GLP guidance
Sets out the four core components of a green loan under the GLP and summarises the related guidance
Condenses GLP and GLP guidance on what qualifies as a green loan, on reviews, and on greenwashing risks
Provides sources for precedent wording, including the Loan Market Association draft provisions, plus drafting pointers
What is meant by a green loan?
Under the GLP, green loans encompass any form of loan instrument and/or contingent facility (for example, bonding lines, guarantee lines or
Banking & Finance
PRACTICE NOTES
Introduction and background
This Practice Note summarises the ‘RIIO‑2’ price controls for Great Britain’s energy networks, which took effect on 1 April 2021 for gas distribution, gas and electricity transmission, and the Electricity System Operator (ESO). It will be updated as the position develops. RIIO (Revenues = Incentives + Innovation + Outputs) is the methodology used by the Office of Gas and Electricity Markets (Ofgem) to set the prices that Great Britain’s licensed onshore energy network owners and operators may charge for use of the electricity and gas transmission networks. In the first instance, network companies recover these charges from licensed suppliers and from generators/gas shippers (under the Connection and Use of System Code, the Distribution Connection and Use of System Agreement, and the Uniform Network Code). Ultimately, the costs are passed through to customers on energy supply bills, where they account for a
Energy
PRACTICE NOTES
STOP PRESS
Major updates to the UK prospectus framework took effect on 19 January 2026. The fresh regime for public offers of securities and for admissions to trading in the UK is primarily housed in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), together with the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been revoked in the UK. The package aims to streamline capital raising and to markedly cut the instances where an issuer must produce an FCA approved prospectus when making a further share issue. For comprehensive details of the reforms, see Practice Note: UK prospectus regime reform. Note that this Practice Note describes the prospectus regime that applied before 19 January 2026...
Corporate
PRACTICE NOTES
STOP PRESS : Significant reforms to the UK prospectus regime came into force on 19 January 2026.
Key provisions for UK public securities offerings and admissions to trading now sit mainly in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), and in the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules stand repealed and no longer apply. The package aims to streamline capital raising and markedly cut the instances in which a company must produce an FCA approved prospectus for a subsequent issue of shares in practice. For comprehensive details of the amendments, see Practice Note: UK prospectus regime reform. This Practice Note describes the prospectus framework as it applied before 19 January 2026...
Corporate
PRACTICE NOTES
Implementation of MAR in the UK
Regulation (EU) No 596/2014, the Market Abuse Regulation (MAR), took effect on 3 July 2016 and applied directly in the UK. MAR set out the framework governing insider dealing, unlawful disclosure of inside information, market manipulation, and measures designed to prevent market abuse. As a consequence, the Financial Conduct Authority (FCA) deleted the Model Code from the Listing Rules, and updated the FCA’s Disclosure Rules regarding the reporting of transactions by persons discharging managerial responsibilities (PDMRs) and persons closely associated with them (PCAs).
The European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020, created the structure and process for onshoring and preserving most EU and EU‑derived law to secure legal continuity following the UK’s exit from the EU. This included statutory instruments (SIs) which modify EU legislation so that it
Share Incentives
PRACTICE NOTES
STOP PRESS
Major changes to the UK prospectus framework took effect on 19 January 2026 throughout the United Kingdom. The latest rules for public offers of securities and for admissions to trading in the UK are chiefly contained in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105, (the POATRs) and in the FCA sourcebook titled The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been revoked. The reforms aim to streamline capital raising and materially cut the instances when a company must produce an FCA-approved prospectus for a subsequent share issue. For comprehensive details of the amendments, see Practice Note: UK prospectus regime reform. This Practice Note describes the prospectus regime that applied before 19 January 2026...
Corporate
PRACTICE NOTES
This Practice Note outlines the changes to the UK’s bank recovery and resolution framework introduced by the Bank Resolution (Recapitalisation) Act 2025 (the Act). The Act extends to every institution to which the special resolution regime (SRR) under the Banking Act 2009 (BA 2009) applies. Accordingly, it captures banks, building societies and certain investment firms designated by the Prudential Regulation Authority (PRA). For simplicity, this Practice Note groups these entities collectively as ‘banks’.
Background to the Act
Failure of Silicon Valley Bank
Silicon Valley Bank (SVB) was a US lender with a focus on technology. From July 2022, it operated in the UK via a distinct legal entity, Silicon Valley Bank UK Limited (SVBUK). SVBUK was authorised by the PRA and, like any other UK bank, was dual-regulated by the PRA and the Financial Conduct Authority (FCA). As a
Financial Services
PRACTICE NOTES
STOP PRESS : Significant reforms to the UK prospectus regime came into force on 19 January 2026.
The rules now governing public offers of securities and admissions to trading in the UK are set out chiefly in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs) and the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been repealed. These reforms aim to streamline capital raising and materially cut the instances when a company must publish an FCA approved prospectus for a further issue of shares. For full details of the changes, see Practice Note: UK prospectus regime reform. This Practice Note reflects the prospectus regime in force before 19 January 2026. This Practice Note considers the underwriting of an offer of shares by a public
Corporate
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