62Offset requirements for firming infrastructure—the Act, s 46(2)(f)

62 Offset requirements for firming infrastructure—the Act, s 46(2)(f)

62 Offset requirements for firming infrastructure—the Act, s 46(2)(f)

(1) An LTES operator for firming infrastructure who has been given notice under clause 65(3)(a) requiring the LTES operator to procure and surrender a number of offset units for a calendar year must satisfy the requirement (the offset requirement) by procuring and surrendering the offset units.

(2) The offset units procured and surrendered by the LTES operator must be—

(a) NSW carbon credit units, and

(b) held in the account of the LTES operator in the Australian National Registry of Emissions Units under the Australian National Registry of Emissions Units Act 2011 of the Commonwealth.

(3) An LTES operator who is unable to procure and surrender NSW carbon credit units because NSW carbon credit units are not available may instead satisfy the offset requirement by making a payment to the scheme financial vehicle equal to—

(a) the cost of the offset units as estimated by the regulator, and

(b) a reasonable administration fee decided by the regulator.

(4) The LTES operator must—

(a) satisfy the offset requirement no later than 3 months after the notice is given, and

(b) as soon as practicable after satisfying the offset requirement, give written notice to the regulator that it has been satisfied.

cl 62: Ins 2022 (787), Sch 1[3].