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ELECTRICITY SUPPLY ACT 1995 - SECT 97BE
Greenhouse shortfalls may be carried forward
97BE Greenhouse shortfalls may be carried forward
(1) Despite any other provision of this Part, an amount of tonnes of carbon
dioxide equivalent of greenhouse gas emissions of greenhouse shortfall in any
compliance period (other than the compliance period commencing 1 January 2007
or the final compliance period) may, subject to the greenhouse gas benchmark
rules, be carried forward to the next compliance period.
(2) If an amount of
greenhouse shortfall is carried forward, the amount of that shortfall is, to
the extent to which it is not abated by the benchmark participant, subject to
the greenhouse penalty at the end of the next compliance period and a
greenhouse penalty is not payable for the shortfall amount at the end of the
compliance period from which it was carried forward.
(3) Any such penalty is
payable at the same time as any greenhouse penalty for the
next compliance period is payable (or would be payable, if owed).
(4) A
greenhouse shortfall that is carried forward may be abated at the end of the
next compliance period by surrendering abatement certificates or counting
renewable energy certificates.
(5) For that purpose, the greenhouse shortfall
after abatement is calculated by subtracting from the amount of the shortfall
the total number of tonnes of carbon dioxide equivalent of greenhouse gas
emissions attributable to any certificates surrendered or counted for the
purpose of abating the greenhouse shortfall.
(6) The amount of greenhouse
shortfall carried forward in respect of a compliance period may not exceed 10%
of the benchmark participant's greenhouse gas benchmark for that compliance
period.
(7) An amount of greenhouse shortfall may be carried forward whether
or not a shortfall was carried forward in the previous compliance period.
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