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69. The maximum quantity of early reduction credits that may be issued to an emitter that meets the requirements of this Chapter is calculated using equations 69-1 to 69-5:

Equation 69-1

Where:

ERC max = Maximum quantity of early reduction credits that may be issued;

NY = Number of calendar years included in the reduction period;

k = Total number of reference units of the establishment referred to in Table B of Part I of Appendix C;

j = Reference unit;

E Reference (j) = Average annual GHG emissions resulting from the production or use of reference unit j during the reference period, calculated using equation 69-2, in metric tonnes CO2 equivalent;

E Reduction (j) = Average annual GHG emissions resulting from the production or use of reference unit j during the reduction period, calculated using equation 69-3, in metric tonnes CO2 equivalent;

P j = - 1 if P Reference (j) ≤ P Reduction (j);

- (P Reduction (j) /P Reference (j) if P Reference (j) > P Reduction (j);

Where: P Reference (j) = Average annual quantity of reference units j produced or used during the reference period, calculated using equation 69-4;

P Reduction (j) = Average annual quantity of reference units j produced or used during the reduction period, calculated using equation 69-5.

Equation 69-2

Where:

E Reference (j) = Average annual GHG emissions resulting from the production or use of reference unit j during the reference period, in metric tonnes CO2 equivalent;

E i j = GHG emissions resulting from the production or use of reference unit j for year i, in metric tonnes CO2 equivalent;

j = Reference unit;

i = Each year included in the reference period, namely 2005, 2006 or 2007;

Equation 69-3

Where:

E Reduction (j) = Average annual GHG emissions resulting from the production or use of reference unit j during the reduction period, in metric tonnes CO2 equivalent;

E i j = GHG emissions resulting from the production or use of reference unit j for year i, in metric tonnes CO2 equivalent;

i = Each year included in the reduction period, namely 2008, 2009, 2010 and 2011;

j = Reference unit;

m = Year in which the reduction period begins;

n = Number of consecutive years in the reduction period;

Equation 69-4

Where:

P Reference (j) = Average annual quantity of reference units produced or used during the reference period;

P i j = Quantity of reference units produced or used during year i;

i = Each year included in the reference period, namely 2005, 2006 or 2007;

j = Reference unit;

Equation 69-5

Where:

P Reduction (j) = Average annual quantity of reference units produced or used during the reduction period;

P i j = Quantity of reference units produced or used during year i;

i = Each year included in the reduction period, namely 2008, 2009, 2010 or 2011;

j = Reference unit;

m = Year in which the reduction period begins;

n = Number of consecutive years in the reduction period.