Air Pollution Control Regulation No. 47, 'CO2 Budget Trading Program Allowance Distribution'


250-RICR-120-05-47 ACTIVE RULE

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47.1Purpose and Authority

47.2Application

47.3Severability

47.4Definitions

a.Table 1

CO2 CCR Trigger Price

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

$10.25

$10.51

$10.77

$13.00

$13.91

$14.88

$15.92

$17.03

$18.22

$19.50

$20.87

$22.33

$23.89

13.“CO2 emissions containment reserve allowance” or “CO2 ECR allowance” means a CO2 allowance that is withheld from sale at an auction by the Department or its agent for the purpose of additional emission reduction in the event of lower than anticipated emission reduction costs.

14.“CO2 emissions containment reserve trigger price" or "ECR trigger price” means the price below which CO2 allowances will be withheld from sale by the Department or its agent at an auction. The ECR trigger price in calendar year 2021 shall be $6.00. Each calendar year thereafter, the ECR trigger price shall be 1.07 multiplied by the ECR trigger price from the previous calendar year, rounded to the nearest whole cent, as shown in § 47.4(A)(14)(a) of this Part (Table 2):

a.Table 2

CO2 ECR Trigger Price

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

$6.00

$6.42

$6.87

$7.35

$7.86

$8.41

$9.00

$9.63

$0.30

$11.02

15.“Current market price” means the volume-weighted average of:

a.Transaction prices reported to the Department or its agent,

b.Prices as reported publicly through reputable sources,

c.CO2 allowance award price(s) from preceding CO2 allowance auction(s), or

d.Any combination of these options.

16.“General account” means a general account established under Part 46 of this Subchapter (CO2 Budget Trading Program).

17.“Minimum reserve price," means the minimum reserve price in calendar year 2014 shall be two dollars ($2.00). Each calendar year thereafter, the minimum reserve price shall be 1.025 multiplied by the minimum reserve price from the previous calendar year, rounded to the nearest whole cent.

18."Notice" means an official notification of an auction or sale to be held at a predetermined date in the future.

19.“Participating state” means a state that has established a corresponding regulation as part of the CO2 Budget Trading Program.

20.“Reserve price” means the minimum acceptable price for each CO2 allowance in a specific auction. The reserve price at an auction is either the minimum reserve price or the CCR trigger price.

21.“Sale” means a CO2 Budget Allowance sale.

22.“Unsold allowance” means a CO2 allowance that has been made available for sale in an auction or sale conducted by the Department or its agent, but not sold.

47.5Method of Allowance Distribution

47.6General Requirements

47.7Implementation of CO2 Allowance Auctions or Sales

47.8Frequency and Quantity of CO2 Allowances Offered for Auction

47.9Auction of CO2 CCR Allowances

47.10ECR Allowances

47.11Frequency and Quantity of CO2 Allowances Offered for Sale

47.12Participant Eligibility

47.13Notice of Auction and Sale

47.14Participation Requirements

47.15Auction or Sale Format

47.16Transfer of CO2 Allowances

47.17Publication of Results


Title 250 Department of Environmental Management
Chapter 120 Air Resources
Subchapter 05 Air Pollution Control
Part 47 Air Pollution Control Regulation No. 47, 'CO2 Budget Trading Program Allowance Distribution'
Type of Filing Periodic Refile
Regulation Status Active
Effective 01/04/2022

Regulation Authority:

R.I. Gen. Laws § 42-17.1-2(19)
R.I. Gen. Laws Chapters 23-23
R.I. Gen. Laws Chapters 23-82
R.I. Gen. Laws Chapters 42-35

Purpose and Reason:

This rule is being refiled by the agency pursuant to R.I. Gen. Laws § 42-35-4.1. No changes were made to the text of this rule.