(1) Premier Transco shall—
(a) notify the Secretary of State and the Director as soon as reasonably practicable of any proposal of which it is aware which is likely to affect—
(i) the amount of gas that it is capable of conveying in pursuance of the exemption; or
(ii) its ability to meet the relevant gas security standard;
(b) furnish the Secretary of State and the Director, by 1st December 1997, with a statement of its ability or otherwise to meet the relevant gas security standard in respect of the period beginning on 3rd November 1997 and ending on 30th September 1998; and
(c) furnish the Secretary of State and the Director, by 30th June in each year after 1997, with a statement of its ability or otherwise to meet the relevant gas security standard in respect of the period of 12 months beginning on 1st October in each such year.
(2) In paragraph (1) above, “the relevant gas security standard” means the gas security standard that would, at the time the proposal is notified (or, as the case may be, the statement is furnished), be applicable in relation to the conveyance of gas in pursuance of the exemption by virtue of paragraph (2) of condition 13 of the Standard Conditions of Public Gas Transporters' Licences (as modified to March 1997) if—
(a) Premier Transco were the licensee;
(b) the licensee’s pipe-line system referred to in that condition constituted the pipes through which Premier Transco conveyed gas in pursuance of the exemption;
(c) in paragraph (1) of that condition, the words “subject to section 9(1) and (2) of the Act” were omitted; and
(d) in paragraph (4) of that condition, for the words “the operator of a pipe-line or pipe-line system to which it conveys gas” there were substituted the words “the relevant transporter”.