44J.— (1) Where the F114[renewable transport fuel] obligation notified under subsection (1) of section 44I is not discharged, in whole or in part, in respect of the obligated party concerned, in accordance with, and in the period specified in, subsection (3) of that section, or, as the case may be, under subsection (4) of that section, the obligated party shall pay to the Agency an amount in respect of the shortfall (in this section referred to as the "buy-out charge") calculated in accordance with the formula—

X x Y

where—

X is the amount of the F114[renewable transport fuel] obligation notified under section 44I(1) which remains undischarged, and

Y is the price per F114[megajoule] of F114[renewable transport fuel] prescribed in accordance with this section (in this section referred to as the "buy-out price").

(2) For the purposes of subsection (1), the Agency shall give a notice in such form as the Agency determines to the obligated party concerned within F115[14 days] after the end of the period specified in section 44I(3), stating—

(a) the amount of the F114[renewable transport fuel] obligation notified under section 44I(1) which remains undischarged, whether in whole or in part,

(b) the amount of the buy-out charge in respect of the amount of the F114[renewable transport fuel] obligation which remains undischarged,

(c) the date by which the buy-out charge is to be paid, which date shall not be less than F115[14 days] from the date of the notice, and

(d) the consequences of non-payment of the buy-out charge in accordance with this section, including recovery of the amount as a simple contract debt, the incurring of interest on the amount and the payment of a late discharge fee.

(3) If all or any part of the buy-out charge notified under subsection (2) is not paid on or before the date specified in the notice as the date by which the buy-out charge is to be paid, interest on the unpaid amount accrues at the rate prescribed under this section from that date to the date of payment.

(4) The Agency may recover, as a simple contract debt in any court of competent jurisdiction, from the obligated party by whom it is payable, any amount due and owing to it under this section in respect of the buy-out charge and any interest that has accrued on that amount.

(5) The Minister may make regulations providing for all or any of the following matters:

(a) subject to subsection (7) and having considered any representations made under paragraph (a)(ii) of that subsection and subject to the prior consent of the Minister for Finance, the amount of the buy-out price, or any variation of that amount from time to time, having regard to—

(i) the market prices for road transport fuel and the effect of the level of the buy-out price on those market prices,

(ii) the wholesale availability and market prices for F114[renewable transport fuel], and

F114[(iii) the level of the buy-out price required in order for the renewable transport fuel obligation or advanced biofuel obligation to operate effectively;]

(b) subject to section 44V, the rate of interest on amounts of buy-out charge not paid when due;

(c) the amount of the late discharge fee F114[,]

F116[(d) the provisions and conditions specified in subsection (5) of this section, concerning a buy-out price relating to the renewable transport fuel obligation, and a separate amount of buy-out price with respect to the advanced biofuel obligation.]

(6) Any moneys received by the Agency under this section shall be paid to the Exchequer.

(7) (a) Before making any regulations providing for the amount of the buy-out price, or any variation of that amount from time to time, the Minister—

(i) shall consult with the persons specified in paragraph (b) and may consult with such other persons as he or she considers appropriate, and

(ii) following consultation under subparagraph (i), shall F114[publish a draft of the proposed regulations].

F117[(b) For the purposes of paragraph (a), the Minister shall consult with—

(i) the Minister for Finance,

(ii) the Minister for Public Expenditure and Reform,

(iii) the Minister for the Environment, Climate and Communications,

(iv) the Agency,

(v) the Environmental Protection Agency,

(vi) the National Standards Authority of Ireland, and

(vii) Sustainable Energy Ireland — The Sustainable Energy Authority of Ireland.]]