Code of Maryland Regulations › Title 26 - DEPARTMENT OF ENVIRONMENT › Part 2 - SUBTITLES 08-12 › Subtitle 09 - MARYLAND CO[2] BUDGET TRADING PROGRAM › Chapter 26.09.02 - Applicability, Determining Compliance, and Allowance Distribution › Section 26.09.02.08 - Voluntary Renewable Set-Aside Account

Current through Register Vol. 51, No. 14, July 12, 2024
A. Administration and Participation.
(1) The Department shall administer the
				  Voluntary Renewable Set-aside Account in accordance with the procedures of this
				  regulation.
(2) When a person,
				  electricity supplier, retail marketer, or renewable energy facility residing or
				  doing business in Maryland or on behalf of a person residing or doing business
				  in Maryland accumulates renewable energy credits (RECs) equal to 1 or more tons
				  of CO2 as calculated pursuant to §C(1) of this
				  regulation, the person, electricity supplier, retail marketer or renewable
				  energy facility may submit the documentation identified in §B(2) of this
				  regulation to the Department in exchange for the permanent retirement of
				  CO2 allowances from the Voluntary Renewable Set-aside
				  Account, if the renewable energy is generated or created, as applicable, in a
				  state or states participating in a multi-state CO2 air
				  pollution control and emissions reduction program established pursuant to this
				  chapter or corresponding rules and regulations in other participating states as
				  a means of reducing emissions of CO2 from
				  CO2 budget sources.
(3) An electricity supplier, retail marketer,
				  or a renewable energy facility may purchase RECs using funds provided to it for
				  that purpose by a person residing or doing business in Maryland.
(4) An electricity supplier, retail marketer,
				  or a renewable energy facility may demonstrate retirement of RECs purchased
				  under §A(3) of this regulation by submitting the documentation identified in
				  §B(2) of this regulation.
(5) A
				  person residing or doing business in Maryland may acquire RECs by generating
				  renewable energy that results in the creation of RECs.
(6) A person residing or doing business in
				  Maryland may demonstrate retirement of RECs acquired by generating renewable
				  energy under A(5) of this regulation by submitting documentation outlined in
				  §B(2) of this regulation.
(7) A
				  person residing or doing business in Maryland may acquire RECs from a renewable
				  energy facility.
(8) A person
				  residing or doing business in Maryland may demonstrate the retirement of RECs
				  acquired from a renewable energy facility under A(7) of this regulation by
				  submitting documentation outlined in §B(2) of this regulation.
(9) The Department shall, upon its approval
				  of the documentation submitted under §A(4), (6), or (8) of this regulation,
				  permanently retire CO2 allowances in accordance with
				  this regulation.
(10) The
				  Department shall permanently retire one CO2 allowance
				  for every ton of CO2 emissions avoided as represented by
				  the submitted RECs.
(11) The
				  Department may not accept RECs that do not equal at least 1 ton of
				  CO2 emissions.
(12) The Department may not permanently
				  retire partial CO2 allowances.
(13) The Department shall permanently retire
				  CO2 allowances into the CO2
				  Allowance Retirement Account at least annually and by not later than December
				  31 of the calendar year.