Article 53 Allowances and CRC emissions
(1)
Subject to paragraph (2) and article 37, for—
(a)
the second and third years of the first phase; and
(b)
the third and subsequent years of a subsequent phase,
the participant must a surrender a quantity of allowances from its compliance account to the cancellation account which is at least equal to the participant’s CRC emissions for that year.
(2)
Paragraph (1) does not apply in respect of a year where the participant’s CRC emissions for that year are less than one tCO2.
(3)
A surrender of allowances must be made by the participant—
(a)
by the last working day of July after the end of the applicable year; and
(b)
using the Registry.