Q-2, r. 46.1 - Regulation respecting a cap-and-trade system for greenhouse gas emission allowances

Section 54.1 Disposition versions

2022-09-01

54.1. The sums collected at an auction of emission units allocated without charge to an emitter to be auctioned in accordance with Division II of this Chapter are determined, for each emitter having signed an agreement for the implementation by the emitter of a project referred to in Part III of Appendix C, by multiplying the quantity of the emission units by the final auction sale price in US dollars, converted into Canadian dollars using the daily average exchange rate published on the website of the Bank of Canada on the day prior to the sale.

When the emission units allocated without charge to be auctioned in accordance with Division II of this Chapter are not all sold at the auction, the quantity referred to in the first paragraph is determined as follows:

(1)  the part of such units attributable to the emitter is obtained by dividing the quantity of such units by the total quantity of emission units allocated without charge to be auctioned in accordance with Division II of this Chapter and put up for sale;

(2)  the part of units attributable to the emitter is then multiplied by the quantity of emission units allocated without charge to be auctioned in accordance with Division II of this Chapter that were sold, and the result is rounded down to the nearest whole number;

(3)  when emission units remain to be allocated, the Minister assigns a random number to each emitter and allocates 1 emission unit per emitter, in ascending order of the numbers assigned, until all the emission units have been allocated.

In accordance with the fifth paragraph of section 53, the sums determined pursuant to the first and second paragraphs are paid into the Electrification and Climate Change Fund established under the Act respecting the Ministère du Développement durable, de l’Environnement et des Parcs (chapter M-30.001) and reserved in the Fund in the emitter’s name for a period of 5 years beginning on 31 December of the year of the payment to be paid to the emitter in accordance with the rules of Part III of Appendix C and the rules of the agreement entered into by the emitter and the Minister in accordance with section 46.8.1 of the Environment Quality Act (chapter Q-2).

When the operator of a covered establishment that has entered into an agreement with the Minister for the implementation of a project referred to in Part III of Appendix C has notified the Minister, pursuant to the first paragraph of section 17, that the operator of the establishment has changed, the new operator may, if it has also entered into such an agreement with the Minister, use the sums determined pursuant to the first paragraph that have not yet been paid to the former operator. The new operator is subject, in accordance with the third paragraph of section 17, to all the obligations of the former operator concerning the project implemented pursuant to that Part.

O.C. 1462-2022, s. 42.