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Q-2, r. 46.1 - Regulation respecting a cap-and-trade system for greenhouse gas emission allowances
Section 52
Disposition versions
52. At the close of the auction, when the total bids submitted by a bidder exceed that bidder’s holding limit determined in accordance with sections 32 and 33 or its purchase limit determined in accordance with section 50, the Minister removes from the bidder’s bids the quantity of excess lots, beginning with the lots awarded at the lowest price.
Notwithstanding the first paragraph, when an emitter’s total bid exceeds its holding limit but the number of emission units and early reduction credits in its compliance account is below the quantity referred to in the third paragraph of section 32, the emitter’s bids are accepted up to that quantity.
When a bid submitted by a bidder takes the maximum value of the bidder’s bids to beyond the amount of its financial guarantee submitted in accordance with section 48, the Minister removes the excess lots from the bid.
The lots removed pursuant to the third paragraph are then re-evaluated based on the prices offered in the bids submitted by all the bidders, by descending value, beginning with the price immediately below the price in the bid that exceeded the bidder’s guarantee. The lots are considered by the Minister to be new bids submitted by the bidder when, at a given price, the re-evaluation means that their maximum value does not exceed the amount of the financial guarantee submitted.
The Minister then awards emission units, beginning with the bidders that submitted the highest bids and with the lots containing emission units allocated without charge to be auctioned in accordance with Division II of this Chapter, until all available units have been awarded.
The final sale price per emission unit is, for all the emission units put up for auction, the lowest price bid for which the Minister awards units.
When more than 1 bid has been submitted at that price, and the total quantity of the bids is greater than the quantity of emission units available, the Minister divides the emission units between the bidders at that price
(1) by establishing the share of each bidder by dividing the quantity of emission units requested by each bidder by the total quantity of units bid at that price;
(2) by determining the number of emission units to be awarded to each bidder by multiplying the bidder’s share by the quantity of emission units available, rounding down to the nearest whole number;
(3) when emission units remain to be awarded, by assigning a random number to each bidder and by awarding 1 emission unit per bidder, in ascending order of the numbers assigned, until all the emission units have been awarded.
When the auction is a joint auction, the final sale price is rounded off to the nearest cent of the reference currency used by the partner entities, using the application conversion rate.
52. At the close of the auction, when the total bids submitted by a bidder exceed that bidder’s holding limit determined in accordance with sections 32 and 33 or its purchase limit determined in accordance with section 50, the Minister removes from the bidder’s bids the quantity of excess lots, beginning with the lots awarded at the lowest price.
Notwithstanding the first paragraph, when an emitter’s total bid exceeds its holding limit but the number of emission units and early reduction credits in its compliance account is below the quantity referred to in the third paragraph of section 32, the emitter’s bids are accepted up to that quantity.
When a bid submitted by a bidder takes the maximum value of the bidder’s bids to beyond the amount of its financial guarantee submitted in accordance with section 48, the Minister removes the excess lots from the bid.
The lots removed pursuant to the third paragraph are then re-evaluated based on the prices offered in the bids submitted by all the bidders, by descending value, beginning with the price immediately below the price in the bid that exceeded the bidder’s guarantee. The lots are considered by the Minister to be new bids submitted by the bidder when, at a given price, the re-evaluation means that their maximum value does not exceed the amount of the financial guarantee submitted.
The Minister then awards emission units, beginning with the bidders that submitted the highest bids, until all available units have been awarded.
The final sale price per emission unit is, for all the emission units put up for auction, the lowest price bid for which the Minister awards units.
When more than 1 bid has been submitted at that price, and the total quantity of the bids is greater than the quantity of emission units available, the Minister divides the emission units between the bidders at that price
(1) by establishing the share of each bidder by dividing the quantity of emission units requested by each bidder by the total quantity of units bid at that price;
(2) by determining the number of emission units to be awarded to each bidder by multiplying the bidder’s share by the quantity of emission units available, rounding down to the nearest whole number;
(3) when emission units remain to be awarded, by assigning a random number to each bidder and by awarding 1 emission unit per bidder, in ascending order of the numbers assigned, until all the emission units have been awarded.
When the auction is a joint auction, the final sale price is rounded off to the nearest cent of the reference currency used by the partner entities, using the application conversion rate.
52. At the close of the auction, the Minister first rejects all bids submitted at less than the minimum price determined by the auction.
Next, when the total bids submitted by a bidder exceed that bidder’s holding limit determined in accordance with section 32 and 33 or purchase limit determined in accordance with section 50, the Minister removes from the bidder’s bids the quantity of excess lots, beginning with the lots awarded at the lowest price.
Notwithstanding the second paragraph, when an emitter’s total bid exceeds its holding limit but the number of emission units and early reduction credits in its compliance account is below the quantity referred to in the third paragraph of section 32, the emitter’s bids are accepted up to that quantity.
When a bid submitted by a bidder takes the maximum value of the bidder’s bids to beyond the amount of its financial guarantee submitted in accordance with section 48, the Minister removes the excess lots from the bid.
The lots removed pursuant to the fourth paragraph are then re-evaluated based on the prices offered in the bids submitted by all the bidders, by descending value, beginning with the price immediately below the price in the bid that exceeded the bidder’s guarantee. The lots are considered by the Minister to be new bids submitted by the bidder when, at a given price, the re-evaluation means that their maximum value does not exceed the amount of the financial guarantee submitted.
The Minister then awards emission units, beginning with the bidders that submitted the highest bids, until all available units have been awarded.
The final sale price per emission unit is, for all the emission units put up for auction, the lowest price bid for which the Minister awards units.
When more than 1 bid has been submitted at that price, and the total quantity of the bids is greater than the quantity of emission units available, the Minister divides the emission units between the bidders at that price
(1) by establishing the share of each bidder by dividing the quantity of emission units requested by each bidder by the total quantity of units bid at that price;
(2) by determining the number of emission units to be awarded to each bidder by multiplying the bidder’s share by the quantity of emission units available, rounding down to the nearest whole number;
(3) when emission units remain to be awarded, by assigning a random number to each bidder and by awarding 1 emission unit per bidder, in ascending order of the numbers assigned, until all the emission units have been awarded.
When the auction is a joint auction, the final sale price is rounded off to the nearest cent of the reference currency used by the partner entities, using the application conversion rate.
52. At the close of the auction, the Minister first rejects all bids submitted at less than the minimum price determined by the auction.
Next, when the total bids submitted by a bidder exceed that bidder’s holding limit determined in accordance with section 32 and 33 or purchase limit determined in accordance with section 50 or exceed that bidder’s financial guarantee submitted in accordance with section 48, the Minister removes from the bidder’s bids the quantity of excess lots, beginning with the lots awarded at the lowest price.
The Minister then awards emission units, beginning with the bidders that submitted the highest bids, until all available units have been awarded.
If 2 or more bidders are related entities and did not indicate how their purchasing limit was to be allocated when registering, the Minister awards the emission units beginning with the bidders that submitted the highest bids, based on the individual limits that would have been applied had the bidders not been related entities, until their overall purchasing limit determined in accordance with the fifth paragraph of section 50 has been reached.
The final sale price per emission unit is, for all the emission units put up for auction, the lowest price bid for which the Minister awards units.
When more than 1 bid has been submitted at that price, and the total quantity of the bids is greater than the quantity of emission units available, the Minister divides the emission units between the bidders at that price
(1) by establishing the share of each bidder by dividing the quantity of emission units requested by each bidder by the total quantity of units bid at that price;
(2) by determining the number of emission units to be awarded to each bidder by multiplying the bidder’s share by the quantity of emission units available, rounding down to the nearest whole number;
(3) when emission units remain to be awarded, by assigning a random number to each bidder and by awarding 1 emission unit per bidder, in ascending order of the numbers assigned, until all the emission units have been awarded.
When the auction is a joint auction, the final sale price is rounded off to the nearest cent of the reference currency used by the partner entities, using the application conversion rate.
If a winning bidder fails to pay in full for the emission units awarded within 7 days following the auction, the Minister withholds the amount owed from the guarantee provided in accordance with section 48. When more than 1 type of guarantee has been provided, the Minister uses the guarantees in the order set out in that section.
Upon receiving payment from a winning bidder, made out to the Minister of Finance, or after applying all or part of a winning bidder’s guarantee, the Minister records the emission units awarded in the bidder’s general account.
The amounts collected during the auction are paid into the Green Fund in accordance with section 46.16 of the Environment Quality Act (chapter Q-2).
52. At the close of the auction, the Minister awards emission units at a settlement price that is equal to or above the minimum price and that corresponds to the lowest bid for the last lot of emission units awarded, starting with the bidders that submitted the highest bids, until all available units have been sold or until the minimum price is reached.
If a winning bidder fails to pay in full for the emission units awarded within 30 days following the auction, the Minister withholds the amount owed from the guarantee provided in accordance with section 48.
Upon receiving payment from a winning bidder, made out to the Minister of Finance, or after applying all or part of a winning bidder’s guarantee, the Minister records the emission units awarded in the bidder’s general account.
The amounts collected during the auction are paid into the Green Fund in accordance with section 46.16 of the Environment Quality Act (chapter Q-2).
