The Carbon Accounting Regulations 2009

Crediting and debiting of carbon units as a result of the operation of the EU ETS during the 2008–2012 budgetary period

6.—(1) It is the duty of the Secretary of State, in respect of each year of the 2008–2012 budgetary period, to calculate whether an amount of carbon units is to be credited to or debited from the net UK carbon account as a result of the operation of the EU ETS.

(2) Calculations under this regulation are to be performed annually, and must be performed—

(a) in respect of 2008, by 15th June 2009; and

(b) in respect of any subsequent year of the 2008–2012 budgetary period (“Year X”), by 31st May in Year X+1.

(3) In order to determine whether carbon units are to be credited or debited in respect of 2008, the Secretary of State must calculate whether the total amount of carbon units surrendered by operators of installations in the United Kingdom in the 16 months preceding 1st May 2009 is greater or less than 245,991,207.

(4) In order to determine whether carbon units are to be credited or debited in respect of Year X, the Secretary of State must calculate whether the total amount of carbon units surrendered by operators of installations in the United Kingdom in the 12 months preceding 1st May in Year X+1 is greater or less than 245,991,207.

(5) If the amount of carbon units surrendered is greater than 245,991,207, an amount of carbon units equal to the difference is to be credited to the net UK carbon account in respect of the appropriate year.

(6) If the amount of carbon units surrendered is less than 245,991,207, an amount of carbon units equal to the difference is to be debited from the net UK carbon account in respect of the appropriate year.