50Borrowing adjustment determination

50 Borrowing adjustment determination

(1) If the responsible emitter for a facility applies in accordance with section 48 for a borrowing adjustment determination for the facility for a financial year, the Regulator must decide to: (a) make the determination; or (b) refuse to make the determination. (2) The Regulator must not make the determination unless the Regulator is satisfied that: (a) the number proposed as the borrowing adjustment number in the application is not greater than 10% of the unadjusted baseline for the facility for the financial year; and (b) no safeguard mechanism credit units have been issued in relation to the facility for the financial year; and (c) the financial year is not included in a declared multi‑year period for the facility; and (d) the facility is likely to be a designated large facility in the financial year immediately following the financial year mentioned in subsection (1). (3) A borrowing adjustment determination for a facility for a financial year must be in writing and must specify the borrowing adjustment number for the facility for the financial year. (4) In this section, the unadjusted baseline for a facility for a financial year (the relevant financial year) is: (a) if a borrowing adjustment determination specified a borrowing adjustment number for the facility for the previous financial year—the baseline emissions number for the facility for the relevant financial year worked out using that borrowing adjustment number; or (b) otherwise—the baseline emissions number for the facility for the relevant financial year if the borrowing adjustment number for the facility for the relevant financial year were 0. Notification of decision etc. (5) If the Regulator makes a determination under this section, the Regulator must: (a) notify the applicant for the determination that the Regulator has made the determination; and (b) publish the determination on the Regulator’s website. (6) If the Regulator decides to refuse to make a determination under this section, the Regulator must give the applicant for the determination a written notice of the decision that includes the Regulator’s reasons for the decision.