44Variation on Regulator’s initiative

44 Variation on Regulator’s initiative

(1) This section applies if a facility is a trade‑exposed baseline‑adjusted facility in a particular financial year (the first financial year) and the next 2 financial years because of a determination in force under section 42. (2) The Regulator may vary the determination in accordance with this section if the Regulator is satisfied that: (a) the assessed cost impact for the facility for the first financial year was incorrectly calculated; or (b) information provided to the Regulator in connection with the application for the determination was false or misleading in a material particular. (3) If the Regulator proposes to vary the determination, the Regulator must notify the responsible emitter for the facility in writing that the Regulator proposes to do so. (4) The notice must: (a) specify what the emissions reduction contribution for the facility would be in the first financial year and the next 2 financial years if the variation were made; and (b) invite the responsible emitter to provide a written response to the proposed variation within the period specified in the notice. (5) Within 30 days after the end of the period specified in the notice, the Regulator must consider the responsible emitter’s response (if any) to the proposed variation and decide to: (a) vary the determination; or (b) not vary the determination. (6) This section does not limit subsection 33(3) of the Acts Interpretation Act 1901. Notification of decision etc. (7) If the Regulator decides to vary the determination, the Regulator must: (a) give the responsible emitter a written notice of the decision that includes the Regulator’s reasons for the decision; and (b) publish the determination, as varied, on the Regulator’s website. (8) If the Regulator decides not to vary the determination, the Regulator must notify the responsible emitter of that decision in writing.