Regulation 26 Amendment of regulation 87BI1

Regulation 87B M1 is amended as follows.

For paragraphs (1) and (2) substitute—

“(1)

Where paragraph (2) applies, a person (“P”) is not liable to an excess emissions penalty for a failure to surrender allowances in respect of those reportable emissions in a relevant year (“Y”) that exceed P's verified annual reportable emissions for that year.

(2)

This paragraph applies where—

(a)

the regulator becomes aware that P's reportable emissions in Y exceed P's verified annual reportable emissions in respect of that year; and

(b)

P failed to surrender a number of allowances equal to the unreported emissions by 30th April in the year following Y.”.

In paragraph (5)—