(1) Before accepting any bids, ecology shall determine whether each registered entity's actual maximum bid value, as determined under subsection (2) of this section, is greater than the registered entity's bid guarantee.

(2) The registered entity's actual maximum bid value is determined as follows:

(a) For each bid price included in the registered entity's bids, multiply the bid price by the number of allowances that the registered entity proposed to purchase at that bid price or at a higher bid price.

(b) The highest value calculated under (a) of this subsection is the actual maximum bid value.