99Penalty rates

#### 99 Penalty rates 99 Penalty rates > > (1) The scheme penalty rate for a compliance period is the rate prescribed by the regulations— > > > > > (a) on the commencement of this clause, or > > > > > (b) as amended in accordance with this clause. > > > (2) A regulation to amend a prescribed scheme penalty rate for a compliance period must be made at least 12 months before the commencement of the compliance period. > > > > Example— > > > > An amendment to the scheme penalty rate for the 2023–2024 compliance period must be made on or before 31 October 2022. > > > (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 peak demand reduction scheme, or > > > > > (b) for the purposes of implementing a national scheme with similar objectives to the peak demand reduction scheme, or > > > > > (c) because of an under supply or over supply of certificates that may be surrendered, as evidenced in the way set out in the regulations, or > > > > > (d) because of a target breach identified in an energy security target monitor report under the [Electricity Infrastructure Investment Act 2020](/view/html/inforce/current/act-2020-044), or > > > > > (e) because of significant changes to the scheme rules relating to the creation of certificates, or > > > > > (f) because of significant changes to the policy or regulatory framework, or the market conditions, in which the peak demand reduction 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.