(1) The auction clearing price is -

(a) the price of the bid at which the sum of the volumes bid matches or exceeds the volume of allowances auctioned;

(b) where the sum of the volumes bid is less than the volume of allowances auctioned, the price of the lowest bid; or

(c) where paragraph (2) applies, the price of the lowest bid that is not significantly below the prevailing secondary market price.

(1A) But where paragraph (2) applies and every bid is significantly below the prevailing econdary market price -

(a) an auction clearing price must not be determined; and

(b) the allowances intended for auction must be dealt with in accordance with regulation 6(8).