Commonwealth Numbered Acts

CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 181

No free carbon units to be issued

             (1)  If:

                     (a)  a person who owns, operates or controls a generation complex has entered into a contract with the Commonwealth that relates to the closure of the generation complex; and

                     (b)  the contract contains a provision to the effect that the contract is a closure contract for the purposes of this Act in relation to all of the following eligible financial years:

                              (i)  the eligible financial year beginning on 1 July 2013;

                             (ii)  the eligible financial year beginning on 1 July 2014;

                            (iii)  the eligible financial year beginning on 1 July 2015;

                            (iv)  the eligible financial year beginning on 1 July 2016;

no free carbon units are to be issued in accordance with this Part in respect of the generation complex.

No free carbon units with a particular vintage year to be issued

             (2)  If:

                     (a)  a person who owns, operates or controls a generation complex has entered into a contract with the Commonwealth that relates to the closure of the generation complex; and

                     (b)  the contract contains a provision to the effect that the contract is a closure contract for the purposes of this Act in relation to one or more specified eligible financial years; and

                     (c)  subsection (1) does not apply;

no free carbon units with a vintage year of any of those eligible financial years are to be issued in accordance with this Part in respect of the generation complex.