Section 114 - Clean Energy Act 2011 - Benchmark average auction charge

114Benchmark average auction charge

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#### 114 Benchmark average auction charge (1) For the purposes of this Act, the benchmark average auction charge for a financial year is whichever is the greater of the following amounts: (a) the amount calculated under subsection (2) in relation to the financial year; (b) the amount calculated under subsection (3) in relation to the financial year. Average auction charge—all auctions (2) The amount calculated under this subsection in relation to a financial year is the amount worked out using the formula: ![](image.011.png) where: > number of units issued as the result of auctions means the total number of carbon units that were issued as the result of auctions conducted by the Regulator during the financial year. > total auction proceeds means the total amount paid or payable by way of charges for the issue of carbon units that were issued as the result of auctions conducted by the Regulator during the financial year. Average auction charge—last auction (3) The amount calculated under this subsection in relation to a financial year is the amount worked out using the formula: ![](image.012.png) where: > number of units issued as a result of the last auction means the number of carbon units that: (a) have a vintage year of that financial year; and (b) were issued as a result of the last auction of carbon units with that vintage year that was conducted by the Regulator during the financial year. > proceeds of the last auction means the total amount paid or payable by way of charges for the issue of carbon units that: (a) have a vintage year of that financial year; and (b) were issued as a result of the last auction of carbon units with that vintage year that was conducted by the Regulator during the financial year. Regulator to calculate and publish benchmark average auction charge (4) As soon as practicable after the end of each financial year, the Regulator must: (a) calculate the benchmark average auction charge for the financial year; and (b) publish on its website a notice setting out the results of that calculation.