Agenda - 02-17-2009 - 4l - Laserfiche WebLink

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Average Allowance Market Prices and the Forecasted Carbon Prices for the applicable month of the Agreement. c. If there is a positive or negative difference between the Average Allowance Market Price of an Emissions Allowance for the given month and the Forecasted Carbon Price for such month,the following adjustment to the Flare Percentage for such month shall be made: The Flare Percentage shall be increased or decreased by 0.357% for each whole dollar (rounded down to the nearest whole dollar) that the Average Allowance Market Price for such month is either above (for increases) or below (for decreases) the Forecasted Carbon Price for such month; provided, however that the Flare Percentage for any month shall not be adjusted in a manner that results in the adjusted Flare Percentage equaling (i) a percentage greater than (a) 8.51%, if the Flare Percentage is 5.3%; (b) 14.16%, if the Flare Percentage is 10.95% by operation of Paragraph 82 of this Agreement; or (c) 19.81%, if the Flare Percentage is 16.6% by operation of Paragraph 82; or (ii) a less than (a) 2.09%, if the Flare Percentage is 5.3%; (b) 7.74%, if the percentage ( ) g Flare Percentage is 10.95% by operation of Paragraph 82 of this Agreement; or (c) 13.39%, if the Flare Percentage is 16.6% by operation of Paragraph 82. For purposes of calculating adjustments under this Paragraph 122, the Flare Percentage shall reset each month to five and three-tenths percent (5.3%) or the percentage established by operation of Paragraph 82, whichever is applicable. For the avoidance of ambiguity and by way of example only, if the Flare Percentage is adjusted in January 2015 from five and three-tenths percent (5.3%) to six percent (6.0%), the Flare Percentage shall reset to five and three-tenths 37 {00018638.DOC 24}