Output-Based Pricing System Regulations

Marginal note:Change in obligations

• 64 (1) For the purposes of section 178 of the Act, the revised compensation to be paid or remitted or the number of surplus credits to be issued, as the case may be, is equal to the difference between the result of the assessment made in accordance with section 44, and reported in the annual report, and the result that is reported in the corrected report.

• Marginal note:Revised compensation

  (2) For the purposes of paragraph 178(1)(a) of the Act, any revised compensation is to be provided by means of an excess emissions charge payment or a remittance of compliance units. Revised compensation is to be provided if the difference referred to in subsection (1) is greater than or equal to 500 CO₂e tonnes.

• Marginal note:Issuance of surplus credits

  (3) For the purposes of paragraph 178(1)(b) of the Act and subject to subsection (4), the Minister may issue a number of surplus credits that is equivalent to the difference between, as the case may be,

  • (a) the number of surplus credits that corresponds to the result obtained under section 44 based on the corrected report and the number of surplus credits issued under section 175 of the Act based on the annual report; or

  • (b) the applicable emissions limit and the quantity of GHGs emitted from the covered facility that are reported in the corrected report, if the emissions limit that was set out in the corrected report was calculated in accordance with these Regulations.

• Marginal note:Exception

  (4) The Minister will not issue surplus credits if

  • (a) a material discrepancy within the meaning of subsection 49(2) exists with respect to the total quantity of GHGs reported in the corrected report or the production from one of the specified industrial activities that is used in the calculation of the emissions limit reported in the corrected report for the compliance period; or

  • (b) the emissions limit or quantity of GHGs emitted from the covered facility is determined by the Minister for the compliance period under section 53.