S.L. 643.5 Art. 8Surrender of greenhouse gas emissions permits. 9 10 [S.L.

(1) A regulated entity that ceases to carry out the activity listed in Schedule 1 shall surrender the permit.

(2) An application for the surrender of a permit shall be submitted to the Authority, in writing, by not later than thirty (30) days from the date on which the regulated entity has ceased to carry out the activity to which the greenhouse gas emissions permit relates.

(3) An application for the surrender of a permit shall include the following:

(a) the name and address of the applicant;

(b) the name and address of the regulated entity to which the greenhouse gas emissions permit relates;

(c) the date on which the activity has ceased being carried out.

(4) The Authority shall process an application for the surrender of a permit submitted in accordance with this regulation within thirty (30) days from the receipt of the application. The Authority shall issue a notice of surrender of a permit, which shall include the following conditions:

(a) a requirement to monitor, and report by the date that may be specified in the notice of surrender of a permit, and in accordance with these regulations, verified emissions for the year during which the notice becomes effective up to the date on which the notice becomes effective;

(b) a requirement to surrender, by the date that may be specified in the notice of surrender of a permit, and in accordance with these regulations, a quantity of allowances equal to the verified emissions reported under paragraph (a);

(c) a requirement to surrender, by the date that may be specified in the notice of surrender of a permit, and in accordance with these regulations, a quantity of allowances equal to verified emissions not covered by surrendered allowances in respect of years previous to the year when the notice of surrender of a permit becomes effective.

Provided that monitoring, reporting and verification of emissions referred to in paragraph (a) shall be carried out in accordance with monitoring, reporting and verification requirements in the greenhouse gas emissions permit to which the application to surrender a permit relates.

(5) The permit shall cease to have effect from the date on which the notice for surrender of a permit becomes effective in so far as it authorises the carrying out of an activity covered by the permit:

Provided that any conditions in the permit shall remain in effect until the Authority is satisfied that the requirements under sub-regulation (4) have been complied with or that there is no reasonable possibility of further allowances being surrendered by the regulated entity to which the notice for surrender of a permit relates.

(6) The Authority shall notify the national registry administrator of any application for the surrender of a permit made to it and the coming into effect of such surrender. The national registry administrator shall ensure that any changes required are made to the account or accounts relating to the regulated entity to which the surrender of a permit relates so as to reflect the surrender of the permit. TRADING SYSTEM FOR BUILDINGS, ROAD TRANSPORT 643.05 AND ADDITIONAL SECTORS

(7) When a permit is surrendered without sufficient allowances having been surrendered in accordance with regulation 17 to cover all emissions reported in respect of the activity listed in Schedule 1, the regulated entity shall be liable to the imposition of an administrative penalty of one hundred euro (€100) for each tonne of carbon dioxide equivalent emitted for which the regulated entity has not surrendered allowances.

(8) From the 1st January, 2028 where, for the year in which regulated entity surrendering a permit does not surrender sufficient allowances, the annual average Harmonised European Index of Consumer Prices published shows a percentage increase as compared to the latest Harmonised European Index of Consumer Prices published for the previous year, the administrative penalty shall be increased by the same percentage. The administrative penalty as revised pursuant to this sub-regulation shall apply to subsequent years unless further increased in accordance with the Harmonized European Index of Consumer Prices. For the purposes of this sub-regulation, each allowance not surrendered by the regulated entity for a tonne of carbon dioxide equivalent emitted shall be considered as a separate breach.

(9) For the purposes of determining the total administrative penalty under sub-regulation (7), where the emissions of the regulated entity are not known, or are not reported, or where the Authority is satisfied that there is no reasonable possibility that a verified quantity of emissions shall be reported by the regulated entity covered by the permit to be surrendered, the Authority may itself determine the emissions from the activity performed by the regulated entity. The Authority shall use the best available data and ensure that a conservative estimate is made that does not underestimate emissions. The regulated entity shall be liable to the imposition of an administrative penalty equal to the amount established in sub-regulation (7) in respect of the quantity of emissions estimated in terms of this sub-regulation.