Later this month, New Zealand will, for the first time, auction a proportion of units available under the ETS. The exact number of units that will be auctioned in this and the other three auctions that will take place in 2021 has been determined based on the volume of emissions remaining in the emissions budget and after taking into account emissions that sit outside the ETS and emissions covered by units that are freely allocated. Where this has got to for us this year is the expectation that a total of 19 million New Zealand units will be auctioned. These 19 million units will be spread evenly across four scheduled auctions. In each of these auctions, two price-control mechanisms will be in operation: a price floor of $20 and a cost containment reserve. The latter will be triggered if the auction clearing price comes in at higher than $50, at which point an additional 7 million New Zealand units will be released into the auctioning system, helping to meet demand and bring the price down.