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         application which-

                 "(I) designates  the qualified  energy  conservation

              measures implemented and the qualified renewable energy

              sources used for purposes of avoiding emissions,

                 "(II) calculates, in  accordance with  subparagraphs

              (F) and (G), the number of tons of emissions avoided by

              reason of  the implementation  of such measures  or the

              use of such renewable energy sources; and

                 "(III)  demonstrates   that  the   requirements   of

              subparagraph (B) have been met.

           Such  application  for  allowances  by  a  State-regulated

         electric  utility  shall  require  approval  by   the  State

         regulatory  authority with  jurisdiction over  such electric

         utility.  The  authority  shall review  the  application for

         accuracy and  compliance with this  subsection and the rules

         under this subsection. Electric utilities whose retail rates

         are not  subject to the  jurisdiction of a State  regulatory

         authority shall apply directly to the Administrator for such

         approval.

         "(E)  Avoided emissions  from qualified  energy conservation

      measures.-For the  purposes  of this  subsection, the  emission

      tonnage  deemed  avoided by  reason  of  the implementation  of

      qualified energy  conservation measures  for any calendar  year

      shall be a tonnage equal to the product of multiplying-

           "(i) the  kilowatt hours  that would  otherwise have  been

         supplied by the  utility during such year in the  absence of

         such qualified energy conservation measures, by

           "(ii) 0.004,  and dividing by 2,000.

         "(F) Avoided  emissions from the  use of qualified renewable

      energy.-The emissions  tonnage deemed avoided by  reason of the

      use of  qualified renewable energy  by an electric  utility for

      any  calendar year shall be  a tonnage equal to  the product of

      multiplying-

           "(i) the actual kilowatt hours generated  by, or purchased

         from, qualified renewable energy, by

           "(ii) 0.004,  and dividing by 2,000.

         "(G)  Prohibitions.-(i) No  allowances  shall  be  allocated

      under this  subsection for the implementation  of programs that

      are exclusively informational or educational in nature.

           "(ii)  No   allowances  shall  be   allocated  for  energy

         conservation   measures  or   renewable  energy   that  were

         operational before January 1, 1992.

      "(3) Savings provision.-Nothing in this  subsection precludes a

   State  or  State regulatory  authority  from  providing additional

   incentives to  utilities  to encourage  investment in  demand-side

   resources.

      "(4) Regulations.-Not later  than 18 months  after the date  of

   the enactment  of  the Clean  Air Act  Amendments of  1990 and  in

   conjunction with the regulations required to  be promulgated under

   subsections (b) and (c), the Administrator  shall, in consultation

   with the  Secretary of Energy,  promulgate regulations under  this

   subsection.   Such  regulations  shall  list  energy  conservation

   measures and renewable energy sources which may be

   treated as qualified  energy conservation  measures and  qualified

   renewable  energy  for purposes  of  this  subsection.  Allowances

   shall only be  allocated if  all requirements  of this  subsection

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