Carbon PriceU.K.
49.—(1) In respect of the scheme year beginning with 1st January 2013, the carbon price is £6.70.
(2) For each subsequent scheme year, the Secretary of State must determine a price as the carbon price for that year, based on the sterling equivalent of the average end of day settlement price (in Euro per tonne of carbon dioxide equivalent) of the December futures contracts for that scheme year.
(3) For that purpose—
“average end of day settlement price” means the average over the 12 months ending with the relevant date;
“futures contract” means the futures contract as traded on the single largest carbon market exchange (as determined by volume of sales in the 12 months ending with the relevant date);
“sterling equivalent” means the sterling equivalent converted by reference to the Bank of England annual average spot exchange rate for the 12 months ending with the relevant date;
“the relevant date”, in relation to the year for which the carbon price is set, is 11th November in the preceding year.
(4) The Secretary of State must publish a determination made under paragraph (2) one month before the beginning the scheme year in question.