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28 May 2020

September Emissions Reduction Fund auction dates announced as Clean Energy Regulator calls for feedback on the design of optional delivery contracts

The Clean Energy Regulator is pleased to announce that the next Emissions Reduction Fund (ERF) auction will be held on 9–10 September 2020. We are also inviting stakeholder views on proposed changes to the design of the optional delivery contract under the ERF.

Following the successful pilot at the tenth ERF auction in March 2020, the optional delivery contract will be offered at future auctions, including the auction to be held on 9–10 September this year. Fixed delivery contracts will continue to be offered.

As flagged with the market when the pilot was announced, we are now seeking feedback on the optional delivery contract and proposed changes to some of its design features.

The optional delivery contract and auction guidelines will be updated and released in time for the 9–10 September auction.

How to make a submission

Submissions can be emailed to auctions@cleanenergyregulator.gov.au. Please include the submission coversheet with your submission.

Consultation is open until 5pm, Wednesday 17 June 2020 (AEST).

Downloads

documentasset:Consultation paper: Design of the optional delivery contract under the Emissions Reduction Fund.

documentasset:Submission coversheet.

To bid at an auction you must have been approved at both the auction qualification and auction registration stages. If you have successfully registered to participate in an auction you will be provided with a unique code and information on how to submit your bid using the online auction bidding platform—AusTender. This information will include a pre-filled auction bid form.

A bid can only be submitted by the auction bidder identified at auction qualification. If you want to change who is able to bid at auction use the documentasset::Application to appoint, remove or vary the details of an authorised bidder.

If a bid is successful, the participant will automatically enter into a carbon abatement contract with the Clean Energy Regulator, on behalf of the Commonwealth of Australia, covering the project(s) related to the bid.

Only one bid can be submitted during the auction window, and participants are not able to correct any errors. However, participants may withdraw their bids before the auction closes by using the bid withdrawal form, but will not be able to submit a new bid. The bid withdrawal form is available in AusTender during the auction.

Financial terms

When you place a bid at an auction, you set the financial terms of your contract. Placing a bid means you agree to these financial terms if you are successful at the auction, including the:

  • price to be paid per Kyoto Australian carbon credit unit
  • date of the auction participation, provided in the pre-filled auction bid form, and
  • date of contract (which will be the fifth business date after the auction date). This information is provided in the pre-filled auction bid form.

Determining successful bids

The Clean Energy Regulator selects projects to contract with solely on the basis of the price bid at the auction. Participants with the most competitive prices are successful. More information on the specific selection process is included in the auction guidelines.

We engage an independent probity advisor to assess and report on the probity of the Emissions Reduction Fund auctions. The advisor assesses business processes, separation of roles and responsibilities, and confidentiality of information such as auction bids and abatement volumes.



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