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Participating in an auction

08 February 2016

For key dates for the upcoming auction see Planning for an auction.

Contents

To participate in an auction you must have completed auction qualification and auction registration.

We will confirm and publish each auction date and bidding window (that is the opening and closing time for receiving bids) at least ten weeks before an auction is due to occur.

The auction format

The auction is a single-round, pay-as-bid, sealed-bid auction format. 

Bids are sealed so that bidders will not see what others are bidding. If you are successful at the auction, you will be paid for the Australian carbon credit units (ACCUs) you deliver under the contract at the price you bid at the auction. 

Each bid made at an auction will relate to one or more projects registered for the Emissions Reduction Fund. If a bid is successful, the participant will automatically enter into a contract with the Clean Energy Regulator on behalf of the Commonwealth of Australia covering the project(s) related to the bid. A participant making a successful bid will be paid the price under the contract that they bid.  If a project is not successful it can be rebid into a subsequent auction.

You must submit bids through the online bidding platform. 

If you register to participate in an auction, you will be provided with information about how to bid closer to the auction.  

Determining successful bids

The Clean Energy Regulator will select projects to contract with solely on the basis of the bid price. Participants with the most competitive prices will be successful.

To assess bids the Clean Energy Regulator will use a systematic tool to select value for money bids using parameters, including the benchmark price, determined before the auction.

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

Benchmark price

The Clean Energy Regulator will set a benchmark price for each auction. The benchmark price is the maximum amount we will pay for emissions reductions.

Any bid that is higher than the benchmark price for that auction will automatically be excluded from consideration at that auction.

Each auction will have a unique benchmark price which will not be disclosed.

Variable volume threshold

The Clean Energy Regulator can purchase between 50 and 100 per cent of emissions reductions offered at each auction at prices below the benchmark price.

Auction guidelines

The Clean Energy Regulator will conduct auctions in accordance with auction guidelines.

The documentasset:Guidelines for the third ERF auctio​n provides information about how the third auction will be conducted, including information on auction schedules, eligibility, bidding, suspension and cancellation, participant disqualification and information publication.

Auction user guide

An Emissions Reduction Fund auction user guide will be published closer to the auction to assist you to bid ​through the online bidding platform. Each bid made at auction will relate to one or more project(s) registered for the Emissions Reduction Fund auction. This guide assumes that you are an authorised bidder for a particular auction in relation to a project(s). 

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