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disposition  of  allowances  pursuant  to  this  title  including  the

issuance  of securities  or  the undertaking  of  any other  financing

transaction in connection with such allowances shall not be subject to

the provisions of the Public Utility Holding Company Act of 1935.


   "(a) Emission Limitations.-(1) After January 1,  1995, each source

that  includes one  or more  affected units  listed in  table A  is an

affected source under this section. After January 1, 1995, it shall be

unlawful for any  affected unit (other than  an eligible phase I  unit

under  section  404(d)(2)) to  emit sulfur  dioxide  in excess  of the

tonnage limitation stated  as a total number of  allowances in table A

for  phase   I,  unless  (A)  the   emissions  reduction  requirements

applicable  to such unit have been achieved pursuant to subsection (b)

or (d), or (B) the owner or operator of such unit holds  allowances to

emit not less  than the  unit's total annual  emissions, except  that,

after January  1, 2000, the emissions limitations  established in this

section shall be superseded  by those established in section  405. The

owner or  operator of any unit  in violation of this  section shall be

fully  liable  for  such  violation  including, but  not  limited  to,

liability for fulfilling the obligations specified in section 411.

   "(2) Not later  than December  31, 1991,  the Administrator  shall

determine the total tonnage  of reductions in the emissions  of sulfur

dioxide from all utility units  in calendar year 1995 that  will occur

as a result of compliance  with the emissions limitation  requirements

of this section, and shall establish  a reserve of allowances equal in

amount to the number of tons  determined thereby not to exceed a total

of  3.50   million  tons.   In  making   such  a   determination,  the

Administrator shall compute  for each  unit subject  to the  emissions

limitation requirements of this section the difference between:

      "(A)  the product of its  baseline multiplied by  the lesser of

   each  unit's allowable  1985 emissions  rate and  its  actual 1985

   emissions rate, divided by 2,000, and

      "(B)  the product of  each unit's  baseline multiplied  by 2.50

   lbs/mmBtu divided by 2,000,   

   and  sum the  computations.  The  Administrator shall  adjust  the

   foregoing  calculation to  reflect  projected calendar  year  1995

   utilization of the units  subject to the emissions  limitations of

   this title  that the Administrator  finds would  have occurred  in

   the absence  of the imposition  of such requirements. Pursuant  to

   subsection (d),  the Administrator shall  allocate allowances from

   the  reserve established  hereinunder until  the  earlier of  such

   time as  all  such allowances  in  the  reserve are  allocated  or

   December 31, 1999.

   "(3) In  addition to  allowances allocated  pursuant to  paragraph

(1), in  each  calendar year  beginning in  1995 and  ending in  1999,

inclusive, the Administrator shall  allocate for each unit on  Table A

that is  located in the  States of Illinois,  Indiana, or Ohio  (other

than units at Kyger  Creek, Clifty Creek and Joppa  Steam), allowances

in an  amount equal to 200,000 multiplied by the unit's pro rata share

of  the total number of allowances allocated  for all units on Table A

in the  3 States (other than  units at Kyger Creek,  Clifty Creek, and

Joppa  Steam) pursuant  to  paragraph (1).  Such  allowances shall  be

excluded from the calculation of the reserve under paragraph (2).

   "(b)  Substitutions.-The owner  or operator  of  an affected  unit

under subsection (a) may include in its section 408 permit application

and  proposed compliance plan  a proposal to reassign,  in whole or in

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