72AExcess surrender situation

72A Excess surrender situation

(1) This section applies if a person surrendered a number of prescribed carbon units for the purpose of reducing the net emissions number for a facility for a period (the relevant period). (2) There is taken to be an excess surrender situation of the person in relation to the facility for the relevant period if: (a) the person surrendered some or all of those units because of an error on the part of the Regulator; or (b) all of the following apply: (i) the person surrendered some or all of those units because of an error on the part of the person or another person; (ii) the error concerned the amount of covered emissions of greenhouse gases from the operation of the facility, or the quantity of a production variable for the facility, during the relevant period; (iii) the Regulator required a report under the Act to be resubmitted because of the error; (iv) the Regulator is satisfied that the error was made in good faith. (3) Units are taken to be covered by the excess surrender situation if: (a) they were surrendered by the person because of an error mentioned in subsection (2); and (b) the person, by written notice given to the Regulator, requests that those units be surrendered for the purpose of reducing the net emissions number for the facility for the financial year (the next financial year) starting immediately after the relevant period; and (c) the next financial year ends before 1 July 2030. (4) For the purposes of subsection 22XK(3) of the Act, section 22XK of the Act has effect as if: (a) the person had not surrendered the units covered by the excess surrender situation for the purpose of reducing the net emissions number for the facility for the relevant period; and (b) the person: (i) had surrendered those units for the purpose of reducing the net emissions number for the facility for the next financial year; and (ii) had done so on the later of the first day of the next financial year and the day the notice was given to the Regulator.