65Regulator must calculate emissions intensity and offset units—the Act, s 64(4)

65 Regulator must calculate emissions intensity and offset units—the Act, s 64(4)

65 Regulator must calculate emissions intensity and offset units—the Act, s 64(4)

(1) For each calendar year commencing before 1 January 2036, the regulator must, for an LTES agreement for firming infrastructure, calculate in accordance with clause 66—

(a) the NSW emissions intensity for the calendar year, and

(b) the firming infrastructure emissions intensity for the calendar year, and

(c) for higher emission firming infrastructure for the calendar year—the number of offset units that must be procured and surrendered by the LTES operator for the firming infrastructure for the calendar year.

(2) For a calendar year commencing on or after 1 January 2036, the regulator must, for an LTES agreement for firming infrastructure, calculate the number of offset units that must be procured and surrendered by the LTES operator for firming infrastructure to offset all scope 1 emissions of greenhouse gas from the firming infrastructure for the calendar year.

(3) For higher emission firming infrastructure for a calendar year, the regulator must—

(a) give written notice to the LTES operator for the firming infrastructure—

(i) as soon as practicable after making a calculation under subclause (1)(c) for the firming infrastructure, and

(ii) setting out the number of offset units required to be procured and surrendered, and

(b) no more than 2 months after being given notice by the LTES operator under clause 62(4)(b), confirm the LTES operator has—

(i) procured and surrendered the offset units, or

(ii) paid the required amount to the scheme financial vehicle.

cl 65: Ins 2022 (787), Sch 1[3].