The increase in the buy-out price for missed targets for target period 3 (2017-2018) and target period 4 (2019-2020) was announced on 9 December 2016 in the Government Response to the Discussion Paper on the Target Review 2016 and Buy-out Price Review: Climate Change Agreements: Discussion Paper on the Target Review 2016 and Buy-out Price Review.
The revised Umbrella and Underlying templates supersede previous templates.
An Umbrella Agreement is an agreement between a sector association and the Administrator that governs the obligations of both parties within the Climate Change Agreements scheme. It lists all the target units covered by the Umbrella Agreement when it was signed.
An Underlying Agreement is an agreement between the operator of a target unit and the Administrator that governs the obligations of the Administrator and the target unit (and its constituent eligible facilities) within the Climate Change Agreements scheme.
These revised templates may be read in conjunction with Guidance on the Climate Change Agreements Scheme.