; 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; (B) the value equal to the difference of— (i) the preceding calendar year’s average carbon intensity for qualified thermal facilities; minus (ii) the product of 0.06 multiplied by calendar year 2022’s average carbon intensity for qualified thermal 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). (c) Qualified cogeneration facilities During a calendar year, the Administrator shall distribute, on a continual basis, to a qualified cogeneration facility— (1) for each megawatt hour of electricity produced by the qualified cogeneration facility, a number of emission allowances (or fractions thereof) calculated in accordance with subsection (a)