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         "(B)  Requirements  for  issuance.-The  Administrator  shall

      allocate  allowances   to  an  electric   utility  under   this

      subsection only if all of the following requirements are met:

           "(i) Such  electric utility  is paying  for the  qualified

         energy conservation  measures or qualified renewable  energy

         directly or through purchase from another person.

           "(ii) The emissions of sulfur dioxide  avoided through the

         use of  qualified energy conservation  measures or qualified

         renewable energy are quantified in accord-

         ance with regulations promulgated by the Administrator under

         this subsection.

           "(iii)(I)  Such   electric  utility  has  adopted  and  is

         implementing a least  cost energy conservation  and electric

         power plan  which evaluates a  range of resources, including

         new  power  supplies,  energy  conservation,  and  renewable

         energy resources, in order to meet expected future demand at

         the lowest system cost.

           "(II)  The  qualified  energy  conservation  measures   or

         qualified  renewable energy,  or both,  are consistent  with

         that plan.

           "(III) Electric utilities subject  to the jurisdiction  of

         a State regulatory authority must have such plan approved by

         such authority.  For electric  utilities not  subject to the

         jurisdiction of a State regulatory authority such plan shall

         be  approved by  the entity  with rate-making  authority for

         such utility.

           "(iv)  In  the  case  of  qualified   energy  conservation

         measures undertaken by  a State regulated electric  utility,

         the Secretary of  Energy certifies that the State regulatory

         authority with jurisdiction  over the electric rates of such

         electric utility  has established  rates and  charges  which

         ensure that  the net  income of such  electric utility after

         implementation   of   specific    cost   effective    energy

         conservation measures is at least as high as such net income

         would  have been if the energy conservation measures had not

         been implemented. Upon the date of any such certification by

         the Secretary of Energy, all  allowances which, but for this

         paragraph, would have been allocated under  subparagraph (A)

         before  such  date,  shall  be  allocated  to  the  electric

         utility.  This clause  is  not a  requirement  for qualified

         renewable energy.

           "(v)  Such utility  or  any  subsidiary of  the  utility's

         holding company owns or operates at least one affected unit.

         "(C)  Period   of   applicability.-Allowances   under   this

      subsection  shall be  allocated only  with respect  to kilowatt

      hours of electric energy saved by qualified energy conservation

      measures or  generated  by  qualified  renewable  energy  after

      January  1, 1992  and before  the earlier  of (i)  December 31,

      2000,  or (ii)  the date  on which  any electric  utility steam

      generating unit  owned or operated  by the electric  utility to

      which  the allowances  are  allocated becomes  subject to  this

      title (including those sources that elect to become affected by

      this title, pursuant to section 410).

         "(D) Determination of avoided emissions.-

           "(i)  Application.-In  order to  receive  allowances under

         this  subsection,   an  electric   utility  shall  make   an

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