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   applications, and compliance plans for the unit.

      "(27)  The  term  `life-of-the-unit,  firm   power  contractual

   arrangement'  means a  unit  participation  power sales  agreement

   under which  a  utility  or industrial  customer  reserves, or  is

   entitled to receive,  a specified amount or percentage of capacity

   and associated  energy generated  by a  specified generating  unit

   (or units) and pays its  proportional amount of such  unit's total

   costs, pursuant to a contract either-

         "(A) for the life of the unit;

         "(B)  for  a  cumulative  term  of no  less  than  30 years,

      including  contracts  that   permit  an   election  for   early

      termination; or

         "(C) for  a period equal to  or greater than  25 years or 70

      percent of the economic  useful life of the unit  determined as

      of the time the unit was built, with  option rights to purchase

      or re-lease some portion of  the capacity and associated energy

      generated by the unit (or units) at the end of the period.

      "(28) The term `basic Phase II allowance allocations' means:

         "(A)   For  calendar  years  2000  through  2009  inclusive,

      allocations of allowances made by the Administrator pursuant to

      section 403 and subsections (b)(1), (3),  and (4); (c)(1), (2),

      (3), and (5); (d)(1), (2), (4), and (5); (e); (f); (g)(1), (2),

      (3), (4), and (5); (h)(1); (i) and (j) of section 405.

         "(B) For  each calendar year  beginning in 2010, allocations

      of allowances made by the Administrator pursuant to section 403

      and  subsections (b)(1), (3),  and (4);  (c)(1), (2),  (3), and

      (5); (d)(1), (2), (4) and (5); (e); (f); (g)(1), (2), (3), (4),

      and (5); (h)(1) and (3); (i) and (j) of section 405.

      "(29) The  term `Phase  II bonus allowance  allocations' means,

   for calendar year  2000 through 2009, inclusive, and only for such

   years, allocations made  by the Administrator pursuant  to section

   403,  subsections  (a)(2),  (b)(2),  (c)(4),  (d)(3)   (except  as

   otherwise  provided  therein),  and (h)(2)  of  section  405,  and

   section 406.

"SEC. 403.  SULFUR  DIOXIDE ALLOWANCE  PROGRAM  FOR EXISTING  AND  NEW

UNITS.

   "(a)  Allocations  of  Annual  Allowances  for  Existing  and  New

Units.-(1) For the emission limitation  programs under this title, the

Administrator shall allocate  annual allowances  for the  unit, to  be

held or distributed by  the designated representative of the  owner or

operator of each  affected unit  at an affected  source in  accordance

with this title,  in an amount  equal to  the annual tonnage  emission

limitation  calculated under section 404, 405, 406, 409, or 410 except

as otherwise specifically provided elsewhere in this  title. Except as

provided  in sections  405(a)(2),  405(a)(3), 409  and 410,  beginning

January 1, 2000, the Administrator shall not allocate

annual  allowances to emit sulfur  dioxide pursuant to  section 405 in

such an  amount as would  result in total  annual emissions of  sulfur

dioxide from utility  units in excess of 8.90 million tons except that

the  Administrator  shall  not  take into  account  unused  allowances

carried forward by owners and operators of  affected units or by other

persons  holding such allowances,  following the  year for  which they

were allocated. If  necessary to meeting  the restrictions imposed  in

the preceding  sentence, the Administrator shall reduce, pro rata, the

basic  Phase II  allowance allocations  for each  unit subject  to the

requirements of section 405. Subject to the provisions of section 416,

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