8 (1) The Crown shall pay compensation, out of money appropriated under section 11 or money otherwise appropriated for such purposes by the Legislature, to a participant in accordance with this section and the regulations. Emissions to be expressed as equivalent number of cap and trade instruments (2) For the purposes of applying this section, the number of tonnes of greenhouse gas emissions shall be expressed as the equivalent number of cap and trade instruments, as determined in accordance with subsection 2 (4). If instruments distributed free of charge do not exceed aggregate emissions (3) If the number of instruments that were distributed free of charge to the participant under the Climate Change Mitigation and Low-carbon Economy Act, 2016 is equal to or less than the aggregate amount of all greenhouse gas emissions attributed to the participant in respect of the prescribed time period, the maximum number of cap and trade instruments in respect of which compensation may be paid to a participant shall be determined by applying the following formula: A = B − C where, A =  the maximum number of cap and trade instruments in respect of which compensation may be paid to the participant, B =  the number of cap and trade instruments held in the participant’s cap and trade accounts that are cancelled under paragraph 1 of section 7, and C =  the number of the participant’s cap and trade instruments referred to in “B” that are classified with or assigned a vintage year of 2021. If instruments distributed free of charge exceed aggregate emissions (4) If the number of instruments that were distributed free of charge to the participant under the Climate Change Mitigation and Low-carbon Economy Act, 2016 is greater than the aggregate amount of all greenhouse gas emissions attributed to the participant in respect of the prescribed time period, the maximum number of cap and trade instruments in respect of which compensation may be paid to a participant shall be determined by applying the following formula: A = (B − C) − (D − E) where, A =  the maximum number of cap and trade instruments in respect of which compensation may be paid to the participant, B =  the number of cap and trade instruments held in the participant’s cap and trade accounts that are cancelled under paragraph 1 of section 7, C =  the number of the participant’s cap and trade instruments referred to in “B” that are classified with or assigned a vintage year of 2021, D =  the number of cap and trade instruments that were distributed free of charge to the participant, and E =  the aggregate amount of all greenhouse gas emissions attributed to the participant in respect of the prescribed time period. No compensation, specified participants (5) Unless otherwise provided by a regulation made under paragraph 5 of subsection 15 (2), no compensation shall be paid to the following participants: 1.  A participant that was registered as a market participant within the meaning of the Climate Change Mitigation and Low-carbon Economy Act, 2016. 2.  A participant that was registered as a participant with respect to the importation of electricity into Ontario for consumption in Ontario. 3.  A participant that was registered as a participant with respect to the distribution of natural gas in Ontario. 4.  A participant that was registered as a participant with respect to the operation of equipment related to the transmission, storage or transportation of natural gas in Ontario. 5.  A participant that was registered as a participant with respect to the supply of petroleum products for consumption in Ontario. 6.  A participant that was registered as a participant with respect to the operation of equipment for a transmission system within the meaning of subsection 2 (1) of the Electricity Act, 1998 and that has been issued an order under subsection 78 (3) of the Ontario Energy Board Act, 1998. 7.  A participant that was registered as a participant with respect to electricity generation in Ontario at a facility at which the primary activity was electricity generation and at which no products were produced other than electricity and any heat, steam or by-product gas. General