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of any affected  unit subject to  an emissions limitation  requirement

under  this  section  may petition  the  Administrator  in  its permit

application  under  section 408  for an  extension of  2 years  of the

deadline  for  meeting such  requirement, provided  that the  owner or

operator of any  such unit holds allowances to emit  not less than the

unit's total annual emissions for each of the 2 years of the period of

extension.  To qualify for such  an extension, the  affected unit must

either employ a qualifying phase I technology, or transfer its phase I

emissions reduction obligation to a unit employing  a qualifying phase

I technology. Such transfer shall be accomplished in accordance with a

compliance plan,  submitted and approved under section 408, that shall

govern  operations at  all units  included in  the transfer,  and that

specifies  the emissions  reduction requirements  imposed pursuant  to

this title.

   "(2) Such extension proposal shall-

      "(A) specify the unit  or units proposed for designation  as an

   eligible phase I extension unit;

      "(B)  provide  a copy  of an  executed  contract, which  may be

   contingent upon the Administrator approving the  proposal, for the

   design engineering,  and construction  of the  qualifying phase  I

   technology  for the extension  unit, or  for the unit  or units to

   which the extension unit's emission reduction obligation is  to be


      "(C)  specify  the  unit's  or  units'  baseline,  actual  1985

   emissions  rate,  allowable 1985  emissions  rate,  and  projected

   utilization for calendar years 1995 through 1999;

      "(D) require CEMS on  both the eligible phase I  extension unit

   or units and  the transfer unit or  units beginning no  later than

   January 1, 1995; and

      "(E) specify  the emission limitation and  number of allowances

   expected  to   be  necessary  for   annual  operation  after   the

   qualifying phase I technology has been installed.

   "(3) The Administrator  shall review and take final action on each

extension proposal in  order of receipt, consistent  with section 408,

and for an approved proposal  shall designate the unit or units  as an

eligible phase  I extension  unit.  The Administrator  may approve  an

extension proposal in whole or in part, and with such modifications or

conditions  as   may  be   necessary,  consistent  with   the  orderly

functioning  of  the allowance  system,  and to  ensure  the emissions

reductions contemplated by the title.

   "(4) In  order to determine the  number of  proposals eligible for

allocations from the reserve under subsection (a)(2) and the number of

allowances remaining available after each  proposal is acted upon, the

Administrator shall  reduce the  total number of  allowances remaining

available  in the  reserve  by  the  number of  allowances  calculated

according to subparagraphs (A), (B) and (C) until either no allowances

remain available in the reserve for further allocation or all approved

proposals have been acted  upon. If no allowances remain  available in

the  reserve for  further  allocation before  all proposals  have been

acted  upon  by the  Administrator,  any  pending  proposals shall  be

disapproved. The Administrator shall calculate allowances equal to-

      "(A) the  difference between the  lesser of the  average annual

   emissions  in  calendar  years  1988  and 1989  or  the  projected

   emissions tonnage for  calendar year 1995 of each eligible phase I

   extension  unit,  as  designated  under  paragraph  (3),  and  the

   product of the unit's baseline  multiplied by an emission  rate of

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