Clause 26

Where in any year (year X) —

a registered person has in its FPCC registry account any fixed-price carbon credits purchased at the carbon price for year X-1; and

the carbon price for year X differs from the carbon price for the year X-1,the Agency must convert the fixed-price carbon credits purchased at the carbon price for year X-1 into such number of fixed‑price carbon credits as if they had been purchased in year X, by applying the formulawhere —

R is the number of fixed-price carbon credits in the account that were purchased at the carbon price for year X-1;

S is the carbon price for the purchase of fixed‑price carbon credits in year X-1; and

T is the carbon price for the purchase of fixed‑price carbon credits in year X.(2) Where the adjustment under subsection (1) results in there being a fraction of a fixed‑price carbon credit, the resulting number of fixed‑price carbon credits is to be rounded down to the nearest whole number of such fixed‑price carbon credits.(3) No claim may be brought against the Government or the Agency for any value represented by the fraction of a fixed‑price carbon credit mentioned in subsection (2).”.