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with  the provisions of this title. Such allowance does not constitute

a property right.  Nothing in this title or in  any other provision of

law shall  be construed to limit the authority of the United States to

terminate  or  limit  such authorization.    Nothing  in this  section

relating to allowances shall be construed as affecting the application

of, or compliance with, any other provision of this Act to an affected

unit  or  source,  including  the  provisions  related  to  applicable

National Ambient Air Quality Standards and State implementation plans.

Nothing  in this section shall  be construed as  requiring a change of

any  kind in  any  State law  regulating  electric utility  rates  and

charges  or affecting any State law regarding such State regulation or

as  limiting State  regulation (including  any prudency  review) under

such  a State  law.   Nothing in  this section  shall be  construed as

modifying the Federal  Power Act or as affecting  the authority of the

Federal  Energy Regulatory Commission under that Act.  Nothing in this

title  shall be construed to interfere with  or impair any program for

competitive bidding for power supply in  a State in which such program

is  established.    Allowances, once  allocated  to  a  person by  the

Administrator, may  be received, held, and  temporarily or permanently

transferred in accordance with  this title and the regulations  of the

Administrator without regard to whether or  not a permit is in  effect

under  title V or section 408 with respect  to the unit for which such

allowance was  originally allocated and  recorded.  Each  permit under

this title  and each permit issued under title V for any affected unit

shall provide that the affected unit may not emit an annual tonnage of

sulfur dioxide in excess of the allowances held for that unit.

   "(g) Prohibition.-It  shall be  unlawful for  any person to  hold,

use, or transfer any  allowance allocated under this title,  except in

accordance with regulations promulgated by the Administrator. It shall

be unlawful  for any affected unit to emit sulfur dioxide in excess of

the number of allowances held for that unit for that year by the owner

or operator of  the unit. Upon the allocation of allowances under this

title,  the  prohibition contained  in  the  preceding sentence  shall

supersede any other emission limitation applicable under this title to

the  units for which such allowances are allocated. Allowances may not

be  used prior  to the  calendar  year for  which they  are allocated.

Nothing in this section  or in the allowance system  regulations shall

relieve the Administrator of the Adminis-

trator's permitting, monitoring and enforcement obligations under this

Act,  nor   relieve  affected   sources  of  their   requirements  and

liabilities under this Act.

   "(h) Competitive Bidding  for Power Supply.-Nothing in  this title

shall  be  construed  to interfere  with  or  impair  any program  for

competitive bidding for power supply in a State in  which such program

is established.

   "(i) Applicability of the Antitrust Laws.-

      "(1) Nothing in this section affects-

         "(A)  the  applicability   of  the  antitrust  laws  to  the

      transfer, use, or sale of allowances, or

         "(B)  the  authority   of  the  Federal  Energy   Regulatory

      Commission under any provision of law respecting unfair methods

      of competition or anticompetitive acts or practices.

      "(2) As used in this section, `antitrust laws' means those Acts

   set forth  in section  1 of  the Clayton  Act (15  U.S.C. 12),  as

   amended.

   "(j)  Public  Utility  Holding  Company  Act.-The  acquisition  or

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