CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 181 Restrictions on assistance if closure contract has been entered into
CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 181
Restrictions on assistance if closure contract has been entered intoNo 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.