Document ID: chunk:federal_register_of_legislation:C2012A00204:clause:1_196a:p1
Version: federal_register_of_legislation:C2012A00204
Segment Type: clause
Provision Reference: sch 1 cl 196A (pt 1/4)
Character Range: 86881–89778

196A  Per‑tonne carbon price equivalent
 (1) Within 7 business days after the end of each designated 6‑month period, the Regulator must publish on its website the per‑tonne carbon price equivalent for the designated 6‑month period.
Note: For designated 6‑month period, see subsection (18).

Per‑tonne carbon price equivalent—basic rule
 (2) The per‑tonne carbon price equivalent for a designated 6‑month period is to be worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula:
where:
average carbon unit auction price means the average carbon unit auction price for the designated 6‑month period.
total of adjusted reference prices means the total of the adjusted reference prices for the designated 6‑month period.
total of designated limit percentages means the total of the designated limit percentages for the classes of eligible international emissions units that are subject to designated limits for the financial year in which the designated 6‑month period ends.
 (3) Subsection (2) has effect subject to subsection (4).

Per‑tonne carbon price equivalent—special rule
 (4) If:
 (a) no instrument is in force under subsection (6) at the end of a particular designated 6‑month period; or
 (b) the per‑tonne carbon price equivalent worked out under subsection (2) for a particular designated 6‑month period is greater than the average carbon unit auction price for the designated 6‑month period;
the per‑tonne carbon price equivalent for the designated 6‑month period is equal to the average carbon unit auction price for the designated 6‑month period.

Reference prices
 (5) If:
 (a) a particular class of eligible international emissions units is subject to a designated limit for a particular financial year; and
 (b) a designated 6‑month period ends in the financial year;
then, within 7 days after the end of the designated 6‑month period, the Regulator must, by writing, declare that a specified amount is the reference price for the class of units for the designated 6‑month period.
 (6) The Minister may, by legislative instrument, determine the method that is to be used by the Regulator in making a declaration under subsection (5).
 (7) In making a determination under subsection (6), the Minister must have regard to:
 (a) prices paid (whether in or outside Australia) for eligible international emissions units included in each of the relevant classes of eligible international emissions units; and
 (b) such other matters (if any) as the Minister considers relevant.
 (8) In making a declaration under subsection (5), the Regulator must comply with a determination in force under subsection (6).
 (9) The Regulator must publish a copy of a declaration under subsection (5) on the Regulator's website.
 (10) A declaration made under subsection (5) is not a legislative instrument.

Adjusted reference price
 (11) For the purposes of