163Penalty rates

163 Penalty rates

163 Penalty rates

(1) The scheme penalty rate for a compliance period is the rate prescribed by the regulations.

(2) A regulation to prescribe or amend an existing prescribed scheme penalty rate for a compliance period must be made at least 12 months before the beginning of the compliance period.

(3) A regulation to amend a prescribed scheme penalty rate for a compliance period may be made only if the Minister is satisfied that the change to the prescribed scheme penalty rate is appropriate—

(a) for the purposes of achieving greater uniformity or harmonisation with a scheme in another jurisdiction with similar objectives to the renewable fuel scheme, or

(b) for the purposes of implementing a national scheme with similar objectives to the renewable fuel scheme, or

(c) because of an over supply of certificates that may be surrendered, as evidenced in the way set out in the regulations, or

(d) because of significant changes to the scheme rules relating to the creation of certificates, or

(e) because of significant changes to the policy or regulatory framework, or the market conditions, in which the renewable fuel scheme operates.

(4) Subclauses (2) and (3) do not apply to a regulation that provides for the adjustment of scheme penalty rates for movements in the consumer price index.