The Department shall allocate allowances to the Account for auction as described in COMAR 26.09.02. The initial auction shall be conducted at a time and in a manner determined by the Department in consultation with the Committee. Frequency. Auctions shall be held at least annually and may be held as often as necessary to meet the objectives of this subtitle, at the Department's discretion and in consultation with the Committee. Participation. The Department shall determine whether an auction will be an open auction or a closed auction. Reserve Price. Before any auction, the Department may set a binding reserve price to be accepted for CO2 allowances in the auction, which may or may not be disclosed to the public or to prospective bidders. CO2 allowances left unsold in any auction shall be transferred, in quantities and in a manner determined by the Department in consultation with the Committee, to: The CO2 Allowance Contingency Account for future distribution to other accounts by the Department in consultation with the Committee; The Consumer Energy Efficiency Account for sale in subsequent auctions; or The CO2 Allowance Retirement Account for permanent retirement.