; or (2) the following calendar year. (e) Adjustment of deadline The Administrator may, by rule, establish a deadline for compliance with subsection (a) with respect to a calendar year that is later than 12:01 a.m. on April 1 of the following calendar year, as necessary to ensure the availability of greenhouse gas emissions data, but in no event shall the adjusted deadline be later than June 1. 722. Distribution of emission allowances (a) Qualified electric facilities During a calendar year, the Administrator shall distribute, on a continual basis, to a qualified electric facility for each megawatt hour of electricity produced by the qualified electric facility a number of emission allowances (or fractions thereof) equal to the product of one multiplied by the greater of— (1) zero; and (2) the lesser of— (A) the value equal to the product of 0.93 and the preceding calendar year’s average carbon intensity for qualified electric facilities; (B) the value equal to the difference of— (i) the preceding calendar year’s average carbon intensity for qualified electric facilities; minus (ii) the product of 0.06 multiplied by calendar year 2022’s average carbon intensity for qualified electric facilities; or (C) a value set by the Administrator for purposes of this subsection to ensure that the aggregate quantity of greenhouse gas emissions from covered entities does not exceed the targets specified in section 702(a). (b) Qualified thermal facilities During a calendar year, the Administrator shall distribute, on a continual basis, to a qualified thermal facility for each million British thermal units of useful thermal energy output produced by the qualified thermal facility a number of emission allowances (or fractions thereof) equal to the product of one multiplied by the greater of— (1) zero; and (2) the lesser of— (A) the value equal to the product of 0.93 and the preceding calendar year’s average carbon intensity for qualified thermal facilities