Code of Maine Rules › 06 - DEPARTMENT OF ENVIRONMENTAL PROTECTION › 096 - DEPARTMENT OF ENVIRONMENTAL PROTECTION - GENERAL › Chapter 157 - CO[2] BUDGET TRADING PROGRAM WAIVER AND SUSPENSION › Section 096-157-1 - Definitions

Current through 2024-29, July 17, 2024
For the purposes of this Chapter the following definitions
				  shall have the following meanings:
A.
CO2 allowance
. "CO2
				allowance" means a limited authorization by the Department under
				the CO2 Budget Trading Program to emit up to one ton of
				CO2, subject to all applicable limitations contained in
				this regulation. No provision of this regulation shall be construed to limit
				the authority of the Department to terminate or limit such authorization to
				emit. This limited authorization does not constitute a property
				right.
B.
CO2 allowance price
.
				"CO2 allowance price" means the price for
				CO2 allowances in the CO2 Budget
				Trading Program for a particular time period as determined by the Department or
				its agent, calculated based on a volume-weighted average of transaction prices
				reported to the Department or its agent, at the Department's discretion, taking
				into account prices as reported publicly through reputable sources.
C.
CO2 Budget
				Unit
. "CO2 budget unit" means a fossil fuel-fired
				unit that is capable of serving a generator with a nameplate capacity equal to
				or greater than 25 MW electrical output.
D.
Control period
. "Control
				period" means a three-calendar-year time period, unless extended to four years
				upon occurrence of a stage two trigger event. The first control period is from
				January 1, 2009 through December 31, 2011, provided, however, that if a stage
				two trigger event occurs during the first control period, then the first
				control period will be extended one-year through December 31, 2012. Each
				subsequent sequential three-calendar-year period is a separate control period
				that is subject to one one-year extension upon occurrence of a stage two
				trigger event during the control period. In no event may a control period be
				longer than four calendar years.
E.
Emergency event
. "Emergency event" means an event that is
				unforeseeable, unavoidable and beyond the control of the
				CO2 owner of a budget unit, for which the carbon dioxide
				budget unit bears no responsibility, such as an act of God, war, riot,
				insurrection, terrorist act, natural disasters, epidemic, national general
				strike.
F.
Immediate and
				Irreparable Harm
. "Immediate and irreparable harm" means imminent and
				catastrophic financial loss, including but not limited to, the termination of
				business at the CO2 budget unit's location or
				declaration of bankruptcy pursuant to Chapter 11 of the United States
				Bankruptcy Code, provided such immediate and irreparable harm is beyond the
				control of the owner of a CO2 budget unit.
G.
Market settling period
.
				"Market settling period" means the first fourteen months of any control
				period.
H.
Stage two trigger
				event
. "Stage two trigger event" means the occurrence of any
				twelve-month period that completely transpires following the market settling
				period and is characterized by an average CO2 allowance
				price that is equal to or greater than the stage two threshold price.
I.
Temporary Suspension of
				Compliance
. "Temporary Suspension of Compliance" means a short-term
				exemption from the compliance obligations set forth in section 5 of
				CO2 Budget Trading Program, 06-096 CMR Chapter 156,
				granted by the Commissioner to a CO2 budget unit upon
				satisfactory demonstration of the occurrence of an emergency event, as defined
				in this Chapter.
J.
Temporary
				Waiver of Enforcement
. "Temporary Waiver of Enforcement" means an
				exercise of the Commissioner's inherent enforcement discretion to waive
				enforcement of violations of the CO2 Budget Trading
				Program, 06-096 CMR Chapter 156, for violations that occurred over a period of
				time not to exceed one year, as guided by the provisions of this
				Chapter.