303BLoans to owners etc. of emissions‑intensive coal‑fired generation complexes

#### 303B Loans to owners etc. of emissions‑intensive coal‑fired generation complexes Loans to purchase future carbon units (1) The Treasurer may authorise loans of money (whether secured or unsecured) by the Commonwealth, where each loan is made: (a) for the purpose of purchasing future carbon units at an auction conducted by the Regulator during: (i) the first financial year during which future carbon units are issued; or (ii) either of the next 2 financial years; and (b) to a person who: (i) owns, controls or operates an emissions‑intensive coal‑fired generation complex; and (ii) is a constitutional corporation. Loans to refinance existing loans (2) The Treasurer may authorise loans of money (whether secured or unsecured) by the Commonwealth, where each loan is made: (a) for the purpose of refinancing another loan that relates (in whole or in part) to an emissions‑intensive coal‑fired generation complex; and (b) to a person who: (i) owns, controls or operates the generation complex; and (ii) is a constitutional corporation; and (c) during the period of 3 years beginning at the commencement of this section. Appropriation (3) The Consolidated Revenue Fund is appropriated for the purposes of making a loan authorised under subsection (1) or (2). Emissions‑intensive coal‑fired generation complex (4) For the purposes of this section, an emissions‑intensive coal‑fired generation complex is a generation complex, where: (a) at least 95% of the electricity generated by the generation complex during the period: (i) beginning on 1 July 2008; and (ii) ending on 30 June 2010; was attributable to the combustion of coal; and (b) the emissions intensity of the generation complex is greater than 0.80. > Note: For emissions intensity, see section 168. (5) For the purposes of subsection (4), disregard subsection 168(2) in working out the emissions intensity of a generation complex. Future carbon unit (6) For the purposes of this section, a future carbon unit is a carbon unit: (a) with a particular vintage year; and (b) that is issued as a result of an auction conducted by the Regulator before the start of the vintage year. Transitional—definitions (7) For the purposes of this section, if a term used in this section is defined in section 5 or 168, the definition has effect, during the period: (a) beginning at the commencement of this section; and (b) ending at the commencement of sections 5 and 168; as if sections 5 and 168 had commenced at the same time as this section. Constitutional basis (8) Section 307 does not apply to this section.