; minus (II) the number of emission allowances distributed to the existing facility by the Administrator for such first full calendar year; multiplied by (ii) the total number of megawatt hours of electricity or million British thermal units of useful thermal energy output, as applicable, produced by the existing facility in such first full calendar year. (5) Distribution of allowances to a newly constructed low-emission facility (A) In general For calendar years that are covered by an agreement described in paragraph (2), beginning with the first full calendar year during which the newly constructed low-emission facility operates, the Administrator shall distribute, on a continual basis, to the newly constructed low-emission facility— (i) for megawatt hours of electricity or million British thermal units of useful thermal energy output, as applicable, produced by the newly constructed low-emission facility that are covered by the agreement, a number of emission allowances that is equal to— (I) such number of megawatt hours or million British thermal units of useful thermal energy output; multiplied by (II) the average carbon intensity for qualified electric facilities or the average carbon intensity for qualified thermal facilities, as applicable, in such first full calendar year