CO2 ALLOWANCE AUCTIONS
§ 145.401. Auction of CO2 allowances.
(a) Except as provided under subsection (b), the Department will participate in a multistate CO2 allowance auction in coordination with other participating states based on the following:
(1) A multistate auction capability and process is in place for the participating states.
(2) The multistate auction can provide benefits to this Commonwealth that meet or exceed the benefits conferred on Pennsylvania through its own Pennsylvania-run auction process.
(3) The multistate auction process is consistent with the process described in § § 145.401—145.409 (relating to CO2 allowance auctions).
(4) The multistate auction process includes monitoring of each CO2 allowance auction by an independent monitor to identify any collusion, market power or price manipulation.
(b) Should the Department find that the conditions in subsection (a) are no longer met, the Department may determine to conduct a Pennsylvania-run auction in accordance with § § 145.341—145.343 (relating to Pennsylvania CO2 Budget Trading Program base budget; CO2 allowance allocations; and distribution of CO2 allowances in the air pollution reduction account) and 145.401—145.409.
(c) The Department may delegate the implementation and administrative support functions for any CO2 allowance auction conducted under § § 145.401—145.409 to an agent qualified to conduct auctions, including a regional entity, provided that the agent shall perform all functions under the direction and oversight of the Department.
(d) The Department will retain its authority to enforce compliance with all sections of this subchapter and will retain control over the proceeds associated with the sale of Pennsylvania CO2 allowances, whether sold in a multistate or Pennsylvania CO2 allowance auction, and will credit the proceeds to the Clean Air Fund established under the act.
Cross References This section cited in 25 Pa. Code § 145.302 (relating to definitions); and 25 Pa. Code § 145.409 (relating to approval of auction results).
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