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The Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021
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- UK Statutory Instruments
- 2021 No. 484
- PART 3
- Regulation 11
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Circumstances preventing the conduct of auctionsU.K.
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11.—(1) Where appropriate, the appointed auction platform may [F1cancel, or change the date or time of the opening or close of the bidding window of, an auction] where the proper conduct of that auction is disrupted or is likely to be disrupted.
(2) Where an auction is cancelled under paragraph (1), the volume of allowances of the cancelled auction must—
(a)be added to the next four auctions to be held by the appointed auction platform, evenly distributed, so that a quarter of the allowances which would have been sold at the cancelled auction is added at each subsequent auction; or
(b)if doing so would increase the volume of any of the next four auction to more than 125% of the volume first proposed for that auction (“the 125% volume”), any allowances in excess of the 125% volume at that auction must—
(i)be added to any other of the four auctions for which that would not be the case, or
(ii)if all the next four auctions would be increased to more than 125% of their first proposed volume, be added to the market stability mechanism account held by the UK ETS Authority.
Textual Amendments
F1Words in reg. 11(1) substituted (25.8.2021) by The Greenhouse Gas Emissions Trading Scheme Auctioning (Amendment) (No. 2) Regulations 2021 (S.I. 2021/917), regs. 1(2), 6(2)
Commencement Information
I1Reg. 11 in force at 22.4.2021, see reg. 1(2)
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