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identification of unused allowances, and for such unused allowances to

be carried  forward and  added to  allowances allocated  in subsequent

years, including  allowances  allocated to  units subject  to Phase  I

requirements  (as described  in  section  404)  which are  applied  to

emissions  limitations  requirements  in  Phase II  (as  described  in

section 405).  Transfers of  allowances shall  not be  effective until

written  certification  of  the  transfer,  signed  by  a  responsible

official of each party  to the transfer, is  received and recorded  by

the  Administrator.  Such regulations  shall  permit  the transfer  of

allowances  prior  to  the   issuance  of  such  allowances.  Recorded

pre-allocation transfers  shall be deducted by  the Administrator from

the number of  allowances which  would otherwise be  allocated to  the

transferor, and added to those allowances allocated to the transferee.

Pre-allocation transfers shall not affect the prohibition contained in

this subsection against  the use of allowances  prior to the year  for

which they are allocated.

   "(c) Interpollutant Trading.-Not  later than January 1,  1994, the

Administrator shall  furnish to  the Congress a  study evaluating  the

environmental  and economic  consequences  of amending  this title  to

permit  trading  sulfur   dioxide  allowances   for  nitrogen   oxides


   "(d)  Allowance  Tracking   System.-(1)  The  Administrator  shall

promulgate,  not later than 18  months after the  date of enactment of

the Clean Air Act Amendments of 1990, a system for issuing, recording,

and tracking allowances, which  shall specify all necessary procedures

and requirements  for an orderly  and competitive  functioning of  the

allowance system. All allowance  allocations and transfers shall, upon

recordation  by the  Administrator, be  deemed a  part of  each unit's

permit  requirements  pursuant to  section  408,  without any  further

permit review and revision.

   "(2) In  order to  insure electric  reliability, such  regulations

shall not  prohibit or  affect temporary  increases  and decreases  in

emissions within  utility systems, power pools,  or utilities entering

into  allowance pool  agreements, that  result from  their operations,

including  emergencies   and  central  dispatch,  and  such  temporary

emissions  increases  and  decreases  shall not  require  transfer  of

allowances among units nor shall it require recordation. The owners or

operators of such units shall act through a designated representative.

Notwithstanding the preceding sentence, the total tonnage of emissions

in any calendar year (calculated at the end thereof) from all units in

such a utility system, power pool, or allowance pool

agreements  shall not exceed the  total allowances for  such units for

the calendar year concerned.

   "(e)  New  Utility  Units.-After  January  1,  2000,  it  shall be

unlawful for  a new utility unit  to emit an annual  tonnage of sulfur

dioxide in  excess of the  number of allowances  to emit held  for the

unit by the unit's owner or operator. Such new utility units shall not

be  eligible  for an  allocation  of sulfur  dioxide  allowances under

subsection (a)(1), unless  the unit  is subject to  the provisions  of

subsection (g)(2) or (3)  of section 405. New utility units may obtain

allowances from any person,  in accordance with this title.  The owner

or  operator of any  new utility unit in  violation of this subsection

shall  be liable for  fulfilling the obligations  specified in section

411 of this title.

   "(f)  Nature  of Allowances.-An  allowance  allocated  under  this

title  is a limited authorization to emit sulfur dioxide in accordance

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