(1) Article 34G is amended as follows.

(2) In paragraph (1) -

(a) for "30,249,066" substitute "20,725,431";

(b) after "trading period" insert "from which allowances may be allocated until the reserve is exhausted".

(3) After paragraph (1) insert -

"(1A) Allowances from the new entrants' reserve -

(a) unless used as mentioned in sub-paragraph (b), must be used for allocation in respect of installations in accordance with paragraphs (2) to (5);

(b) may be used for allocation under the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021 or any other regulations made under section 96 of the Finance Act 2020 (even if the allocation exhausts the new entrants' reserve before the end of the trading period).".

(4) In paragraph (6) after "article 34U or 34V" insert "or returned voluntarily without the need for such a notice to be given".