Code of Vermont Rules › Agency 12 - AGENCY OF NATURAL RESOURCES › Sub-Agency 031 - AIR POLLUTION CONTROL DIVISION › Chapter 002 - CO 2 BUDGET TRADING PROGRAM › Section 12 031 002 - CO 2 BUDGET TRADING PROGRAM

Current through June,
				2024
SUBCHAPTER I CO 2
				BUDGET TRADING PROGRAM GENERAL PROVISIONS
101
				Purpose
This Chapter establishes The State of Vermont's component of
				  the CO 2 Budget Trading Program, which is designed to reduce anthropogenic
				  emissions of CO 2, a greenhouse gas, from CO 2 budget sources in an
				  economically efficient manner.
102 Definitions
(a) The terms defined in this section shall
				apply to this Chapter only, and for the purposes of this Chapter shall
				supersede definitions contained in any other statute or regulations.
(1) Account number. The identification number
				given by the Agency or its agent to each CO 2 Allowance Tracking System
				account.
(2) Acid rain emissions
				limitation. As defined in
				40
				CFR 72.2, a limitation on emissions of sulfur
				dioxide or nitrogen oxides under the Acid Rain Program under title IV of the
				Clean Air Act.
(3) Administrator.
				Administrator means the Administrator of the United States Environmental
				Protection Agency or the Administrator's authorized representative.
(4) Agency. Agency means the Agency of
				Natural Resources.
(5) Allocate or
				allocation. The determination by the Agency of the number of CO 2 allowances to
				be recorded in the consumer benefit or strategic energy purpose account, or the
				general account of the sponsor of an approved CO 2 emissions offset
				project.
(6) Allocation year. A
				calendar year for which the Agency allocates or awards CO 2 allowances pursuant
				to Subchapters V and X. The allocation year of each CO 2 allowance is reflected
				in the unique identification number given to the allowance pursuant to
				subsection 23-604(b).
(7)
				Attribute. A characteristic associated with electricity generated using a
				particular renewable fuel, such as its generation date, facility geographic
				location, unit vintage, emissions output, fuel, state program eligibility, or
				other characteristic that can be identified, accounted for, and
				tracked.
(8) Attribute credit. An
				attribute credit represents the attributes related to one megawatt-hour of
				electricity generation.
(9)
				Automated data acquisition and handling system or DAHS. That component of the
				continuous emissions monitoring system, or other emissions monitoring system
				approved for use under Subchapter VIII, designed to interpret and convert
				individual output signals from pollutant concentration monitors, flow monitors,
				diluent gas monitors, and other component parts of the monitoring system to
				produce a continuous record of the measured parameters in the measurement units
				required by Subchapter VIII.
(10)
				Award. A type of allocation in which the Agency determines the number of CO 2
				offset allowances to be recorded in the general account of a project sponsor
				pursuant to section 23-1007
(11)
				Billing meter. To qualify as a billing meter, the measurement device must be
				used to measure electric or thermal output for commercial billing under a
				contract. The facility selling the electric or thermal output must have
				different owners from the owners of the party purchasing the electric or
				thermal output.
(12) Boiler. An
				enclosed fossil or other fuel-fired combustion device used to produce heat and
				to transfer heat to recirculating water, steam, or other medium.
(13) CO 2 allowance. A limited authorization
				by the Agency or a participating state under the CO 2 Budget trading Program to
				emit up to one ton of CO 2, subject to all applicable limitations contained in
				this Chapter.
(14) CO 2 allowance
				deduction or deduct CO 2 allowances. The permanent withdrawal of CO 2
				allowances by the Agency or its agent from a CO 2 Allowance Tracking System
				compliance account to account for the number of tons of CO 2 emitted from a CO
				2 budget source for a control period or an interim control period, determined
				in accordance with Subchapter VIII, or for the forfeit or retirement of CO 2
				allowances as provided by this Chapter.
(15) CO 2 allowances held or hold CO 2
				allowances. The CO 2 allowances recorded by the Agency or its agent, or
				submitted to the Agency or its agent for recordation, in accordance with
				Subchapters VI and VII, in a CO 2 Allowance. Tracking System account.
(16) CO 2 Allowance Tracking System (COATS).
				The system by which the Agency or its agent records allocations, deductions,
				and transfers of CO 2 allowances under the CO 2 Budget Trading Program. The
				tracking system may also be used to track CO 2 emissions offset projects, CO 2
				allowance prices and emissions from affected sources.
(17) CO 2 Allowance Tracking System account.
				An account in the CO 2 Allowance Tracking System established by the Agency or
				its agent for purposes of recording the allocation, holding, transferring, or
				deducting of CO 2 allowances.
(18)
				CO 2 allowance transfer deadline. Midnight of the March 1 occurring after the
				end of the relevant control period and each relevant interim control period or,
				if that March 1 is not a business day, midnight of the first business day
				thereafter and is the deadline by which CO 2 allowances must be submitted for
				recordation in a CO 2 budget source's compliance account in order for the
				source to meet the CO 2 requirements of subsection 23-105(c) for the control
				period and each interim control period immediately preceding such
				deadline.
(19) CO 2 authorized
				account representative. For a CO 2 budget source and each CO 2 budget unit at
				the source, the natural person who is authorized by the owners and operators of
				the source and all CO 2 budget units at the source, in accordance with
				Subchapter II, to represent and legally bind each owner and operator in matters
				pertaining to the CO 2 Budget Trading Program or, for a general account, the
				natural person who is authorized, under Subchapter VI, to transfer or otherwise
				dispose of CO 2 allowances held in the general account.
(20) CO 2 budget emissions limitation. For a
				CO 2 budget source, the tonnage equivalent, in CO 2 emissions in a control
				period or an interim control period, of the CO 2 allowances available for
				compliance deduction for the source for a control period or an interim control
				period.
(21) CO 2 budget permit.
				The portion of the legally binding permit issued by the Agency pursuant to the
				State of Vermont's Air Pollution Control Regulations to a CO 2 budget source or
				CO 2 budget unit which specifies the CO 2 Budget Trading Program requirements
				applicable to the CO 2 budget source, to each CO 2 budget unit at the CO 2
				budget source, and to the owners and operators and the CO 2 authorized account
				representative of the CO 2 budget source and each CO 2 budget unit.
(22) CO 2 budget source. A source that
				includes one or more CO 2 budget units.
(23) CO 2 Budget Trading Program. A
				multi-state CO 2 air pollution control and emissions reduction program
				established pursuant to this Chapter and corresponding regulations in other
				states as a means of reducing emissions of CO 2 from CO 2 budget
				sources.
(24) CO 2 budget unit. A
				unit that is subject to the CO 2 Budget Trading. Program requirements under
				section 23-104.
(25) CO 2
				equivalent. The quantity of a given greenhouse gas multiplied by its global
				warming potential (GWP).
(26) CO 2
				offset allowance. A CO 2 allowance that is awarded to the sponsor of a CO 2
				emissions offset project pursuant to section 23-1007 and is subject to the
				relevant compliance deduction limitations of section 23-605(a)(3).
(27) Combined cycle system. A system
				comprised of one or more combustion turbines, heat recovery steam generators,
				and steam turbines configured to improve overall efficiency of electricity
				generation or steam production.
(28) Combustion turbine. An enclosed fossil
				or other fuel-fired device that is comprised of a compressor (if applicable), a
				combustor, and a turbine, and in which the flue gas resulting from the
				combustion of fuel in the combustor passes through the turbine, rotating the
				turbine.
(29) Commence commercial
				operation. With regard to a unit that serves a generator, to have begun to
				produce steam, gas, or other heated medium used to generate electricity for
				sale or use, including test generation. For a unit that is a CO 2 budget unit
				under section 23-104 on the date the unit commences commercial operation, such
				date shall remain the unit's date of commencement of commercial operation even
				if the unit is subsequently modified, reconstructed, or repowered. For a unit
				that is not a CO 2 budget unit under section 23-104 on the date the unit
				commences commercial operation, the date the unit becomes a CO 2 budget unit
				under section 23-104 shall be the unit's date of commencement of commercial
				operation.
(30) Commence operation.
				To begin any mechanical, chemical, or electronic process, including, with
				regard to a unit, start-up of a unit's combustion chamber. For a unit that is a
				CO 2 budget unit under section 23-104 on the date of commencement of operation,
				such date shall remain the unit's date of commencement of operation even if the
				unit is subsequently modified, reconstructed, or repowered. For a unit that is
				not a CO 2 budget unit under section 23-104 on the date of commencement of
				operation, the date the unit becomes a CO 2 budget unit under section 23-104
				shall be the unit's date of commencement of operation.
(31) Compliance account. A CO 2 Allowance
				Tracking System account, established by the Agency or its agent for a CO 2
				budget source under Subchapter VI, in which are held CO 2 allowances available
				for use by the source for a control period and each interim control period for
				the purpose of meeting the CO 2 requirements of 23-105(c).
(32) Consumer benefit or strategic energy
				purpose account. A general account managed by one or more consumer trustees
				appointed by the Public Utilities Commission to receive, hold, bank, and sell
				CO 2 allowances in order to provide the maximum long-term benefit to Vermont
				electric consumers, particularly benefits that will result from accelerated and
				sustained investments in energy efficiency and other low-cost, low-carbon power
				system investments and, to the extent feasible, accomplish the goals set forth
				in 30 VS.A. § 255(c)(2).
(33)
				Continuous emissions monitoring system or CEMS. The equipment required under
				Subchapter VIII to sample, analyze, measure, and provide, by means of readings
				recorded at least once every 15 minutes (using an automated DAHS), a permanent
				record of stack gas volumetric flow rate, stack gas moisture content, and
				oxygen or carbon dioxide concentration (as applicable), in a manner consistent
				with 40 CFR Part 75 and Subchapter VIII of this regulation.
(34) Control period. The control period is a
				three-calendar-year time period. The first control period is from January 1,
				2009 through December 31, 2011 inclusive. Each subsequent sequential
				three-calendar-year period is a separate control period. The first two calendar
				years of each control period are each defined as an interim control period,
				beginning on January 1, 2015.
(35)
				Excess emissions. Any tonnage of CO 2 emitted by a CO 2 budget source during a
				control period that exceeds the CO 2 budget emissions limitation for the
				source.
(36) Excess interim
				emissions. Any tonnage of CO 2 emitted by a CO 2 budget source during an
				interim control period multiplied by 0.50 that exceeds the CO 2 budget
				emissions limitation for the source.
(37) Fossil fuel. Natural gas, petroleum,
				coal, or any form of solid, liquid, or gaseous fuel derived from such
				material.
(38) Fossil fuel-fired.
(1) With regard to a unit that commenced
				operation prior to January 1, 2005, the combustion of fossil fuel, alone or in
				combination with any other fuel, where the fossil fuel combusted comprises, or
				is projected to comprise, more than 50 percent of the annual heat input on a
				Btu basis during any year.
(2) With
				regard to a unit that commenced or commences operation on or after January 1,
				2005, the combustion of fossil fuel, alone or in combination with any other
				fuel, where the fossil fuel combusted comprises, or is projected to comprise,
				more than 5 percent of the annual heat input on a Btu basis during any
				year.
(39) General
				account A CO 2 Allowance Tracking System account, established under Subchapter
				VI, that is not a compliance account.
(40) Global warming potential (GWP). A
				measure of the radiative efficiency (heat-absorbing ability) of a particular
				gas relative to that of carbon dioxide (CO 2) after taking into account the
				decay rate of each gas (the amount removed from the atmosphere over a given
				number of years) relative to that of CO 2. Global warming potentials used in
				this Chapter are consistent with the values used in the Intergovernmental Panel
				on Climate Change, Fifth Assessment Report.
(41) Gross generation. The electrical output
				(in MWe) at the terminals of the generator.
(42) Interim control period. An interim
				control period is a one-calendar-year time period, during each of the first and
				second calendar years of each three year control period. The first interim
				control period starts on January 1, 2015 and ends on December 31, 2015,
				inclusive. The second interim control period starts on January 1, 2016 and ends
				on December 31, 2016, inclusive. Each successive three year control period will
				have two interim control periods, comprised of each of the first two calendar
				years of that control period.
(43)
				Life-of-the-unit contractual arrangement. A unit participation power sales
				agreement under which a customer reserves, or is entitled to receive, a
				specified amount or percentage of nameplate capacity and/or associated energy
				from any specified unit pursuant to a contract:
(i) for the life of the unit;
(ii) for a cumulative term of no less than 30
				years, including contracts that permit an election for early termination;
				or
(iii) for a period equal to or
				greater than 25 years or 70 percent of the economic useful life of the unit
				determined as of the time the unit is built, with option rights to purchase or
				release some portion of the nameplate capacity and associated energy generated
				by the unit at the end of the period.
(44) Maximum potential hourly heat input. An
				hourly heat input used for reporting purposes when a unit lacks certified
				monitors to report heat input. If the unit intends to use appendix D of 40 CFR
				Part 75 to report heat input, this value should be calculated, in accordance
				with 40 CFR Part 75, using the maximum fuel flow rate and the maximum gross
				calorific value. If the unit intends to use a flow monitor and a diluent gas
				monitor, this value should be reported, in accordance with 40 CFR Part 75,
				using the maximum potential flowrate and either the maximum carbon dioxide
				concentration (in percent CO 2) or the minimum oxygen concentration (in percent
				O 2).
(45) Monitoring system. Any
				monitoring system that meets the requirements of Subchapter VIII, including a
				continuous emissions monitoring system, an excepted monitoring system, or an
				alternative monitoring system.
(46)
				Nameplate capacity. The maximum electrical output (in MWe) that a generator can
				sustain over a specified period of time when not restricted by seasonal or
				other deratings as measured in accordance with the United States Department of
				Energy standards.
(47) Net electric
				output. The amount of gross generation that generator(s) produce (including,
				but not limited to, output from steam turbine(s), combustion turbine(s), and
				gas expander(s)), as measured at the generator terminals, less the electricity
				used to operate the plant (i.e. auxiliary loads); such uses include fuel
				handling equipment, pumps, fans, pollution control equipment, other electricity
				needs, and transformers losses as measured at the transmission side of the
				step-up transformer (e.g., the point of sale).
(48) Non-CO 2 budget unit. A unit that does
				not meet the applicability criteria of section 23-104.
(49) Operator. Any person who operates,
				controls, or supervises a CO 2 budget unit or a CO 2 budget source and shall
				include, but not be limited to, any holding company, utility system, or plant
				manager of such a unit or source.
(50) Owner. Any of the following persons:
(i) any holder of any portion of the legal or
				equitable title in a CO 2 budget unit; or
(ii) any holder of a leasehold interest in a
				CO 2 budget unit, other than a passive lessor, or a person who has an equitable
				interest through such lessor, whose rental payments are not based, either
				directly or indirectly, upon the revenues or income from the CO 2 budget unit;
				or
(iii) any purchaser of power
				from a CO 2 budget unit under a life-of-the-unit contractual arrangement in
				which the purchaser controls the dispatch of the unit; or
(iv) with respect to any general account, any
				person who has an ownership interest with respect to the CO 2 allowances held
				in the general account and who is subject to the binding agreement for the CO 2
				authorized account representative to represent that person's ownership interest
				with respect to the CO 2 allowances.
(51) Participating state. A state that has
				established a corresponding regulation as part of the CO 2 Budget Trading
				Program.
(52) Receive or receipt
				of. When referring to the Agency or its agent, to come into possession of a
				document, information, or correspondence (whether sent in writing or by
				authorized electronic transmission), as indicated in an official correspondence
				log, or by a notation made on the document, information, or correspondence, by
				the Agency or its agent in the regular course of business.
(53) Recordation, record, or recorded. With
				regard to CO 2 allowances, the movement of CO 2 allowances by the Agency or its
				agent from one CO 2 Allowance Tracking System account to another for purposes
				of allocation, transfer or deduction.
(54) Serial number. When referring to CO 2
				allowances, the unique identification number assigned to each CO 2 allowance by
				the Agency or its agent under section 23-604(b).
(55) Source. Any governmental, institutional,
				commercial, or industrial structure, installation, plant, building, or facility
				that emits or has the potential to emit any air pollutant. A "source,"
				including a "source" with multiple units, shall be considered a single
				"facility."
(56) State. A State,
				the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands,
				Guam, and American Samoa and includes the Commonwealth of the Northern Mariana
				Islands.
(57) State of Vermont CO 2
				Budget Trading Program Base Budget. The State of Vermont CO 2 Budget Trading
				Program base budget is specified in section 23-501. CO 2 offset allowances
				allocated to project sponsors are separate from and additional to CO 2
				allowances allocated from the State of Vermont CO 2 Budget Trading Program Base
				Budget.
(58) Submit or serve. To
				send or transmit a document, information, or correspondence to the person
				specified in accordance with the applicable regulation:
(i) in person;
(ii) by United States Postal Service;
				or
(iii) by other means of dispatch
				or transmission and delivery.
Compliance with any "submission," "service," or "mailing"
				  deadline shall be determined by the date of dispatch, transmission, or mailing
				  and not the date of receipt.
(59) Ton
				or tonnage. Any "short ton", or 2,000 pounds. For the purpose of determining
				compliance with the CO 2 requirements of 23-105(c), total tons for a control
				period and each interim control period shall be calculated as the sum of all
				recorded hourly emissions (or the tonnage equivalent of the recorded hourly
				emissions rates) in accordance with Subchapter VIII, with any remaining
				fraction of a ton equal to or greater than 0.50 ton deemed to equal one ton and
				any fraction of a ton less than 0.50 ton deemed to equal zero tons. A short ton
				is equal to 0.9072 metric tons.
(60) Unit. A fossil fuel-fired stationary
				boiler, combustion turbine, or combined cycle system.
(61) Unit operating day. A calendar day in
				which a unit combusts any fuel.
103 Measurements, Abbreviations and
				Acronyms
Measurements, abbreviations, and acronyms used in this
				  Chapter are defined as follows:
CO 2: carbon dioxide
Hr: hour
Lb: pounds
MW: megawatt
MWe-megawatt electrical
MWh: megawatt-hour
104 Applicability
Units. Any unit that, at any time on or after January 1,
				  2005, serves an electricity generator with a nameplate capacity equal to or
				  greater than 25 MWe shall be a CO 2 budget unit, and any source that includes
				  one or more such units shall be a CO 2 budget source, subject to the
				  requirements of this Chapter.
105 Standard Requirements
(a) Permit requirements.
(1) The CO 2 authorized account
				representative of each CO 2 budget source required to have an operating permit
				pursuant to the State of Vermont's Air Pollution Control Regulations and each
				CO 2 budget unit required to have an operating permit pursuant to the State of
				Vermont's Air Pollution Control Regulations shall:
(i) submit to the Agency a complete CO 2
				budget permit application under section 23-303 in accordance with the deadlines
				specified in section 23-302; and
(ii) submit in a timely manner any
				supplemental information that the Agency determines is necessary in order to
				review the CO 2 budget-permit application and issue or deny a CO 2 budget
				permit.
(2) The owners
				and operators of each CO 2 budget source required to have an operating permit
				pursuant to the State of Vermont's Air Pollution Control Regulations and each
				CO 2 budget unit required to have an operating permit pursuant to the State of
				Vermont's Air Pollution Control Regulations for the source shall have a CO 2
				budget permit and operate the CO 2 budget source and the CO 2 budget unit at
				the source in compliance with such CO 2 budget permit
(b) Monitoring requirements.
(1) The owners and operators and, to the
				extent applicable, the CO 2 authorized account representative of each CO 2
				budget source and each CO 2 budget unit at the source shall comply with the
				monitoring requirements of Subchapter VIII.
(2) The emissions measurements recorded and
				reported in accordance with Subchapter VIII shall be used to determine
				compliance by the unit with the CO 2 requirements of subsection
				23-105(c).
(c) CO 2
				requirements.
(1) The owners and operators of
				each CO 2 budget source and each CO 2 budget unit at the source shall hold CO 2
				allowances available for compliance deductions under section 23-605, as of the
				CO 2 allowance transfer deadline, in the source's compliance account in an
				amount not less than the total CO 2 emissions for the control period from all
				CO 2 budget units at the source, less the CO 2 allowances deducted to meet the
				requirements of subdivision 23-105(c)(2), with respect to the previous two
				interim control periods, as determined in accordance with Subchapters VI and
				VIII.
(2) The owners and operators
				of each CO 2 budget source and each CO 2 budget unit at the source shall hold
				CO 2 allowances available for compliance deductions under section 23-605, as of
				the CO 2 allowance transfer deadline, in the source's compliance account in an
				amount not less than the total CO 2 emissions for the interim control period
				from all CO 2 budget units at the source multiplied by 0.50, as determined in
				accordance with Subchapters VI and VIII.
(3) Each ton of CO 2 emitted in excess of the
				CO 2 budget emissions limitation for a control period shall constitute a
				separate violation of this Chapter and applicable state law.
(4) Each ton of excess interim emissions
				shall constitute a separate violation of this Part and applicable state
				law.
(5) A CO 2 budget unit shall
				be subject to the requirements under subdivision (c)(1) of this section
				starting on the later, of January 1, 2009 or the date on which the unit
				commences operation.
(6) CO 2
				allowances shall be held in, deducted from, or transferred among CO 2 Allowance
				Tracking System accounts in accordance with Subchapters V, VI, and VII, and
				section 23-1007.
(7) A CO 2
				allowance shall not be deducted, in order to comply with the requirements under
				subdivision (c)(1) or (2) of this section, for a control period or interim
				control period that ends prior to the year for which the CO 2 allowance was
				allocated. A CO 2 offset allowance shall not be deducted, in order to comply
				with the requirements under subdivision (c)(1) or (2) of this section, beyond
				the applicable percent limitations set out in subdivision
				23-605(a)(3).
(8) A CO 2 allowance
				under the CO 2 Budget Trading Program is a limited authorization by the Agency
				or a participating state to emit one ton of CO 2 in accordance with the CO 2
				Budget Trading Program. No provision of the CO 2 Budget Trading Program, the CO
				2 budget permit application, or the CO 2 budget permit or any provision of law
				shall be construed to limit the authority of the Agency or a participating
				state to terminate or limit such authorization.
(9) A CO 2 allowance under the CO 2 Budget
				Trading Program does not constitute a property right.
(d) Excess emissions requirements. The owners
				and operators of a CO 2 budget source that has excess emissions in any control
				period, or excess interim emissions for any interim control period, shall:
(1) forfeit the CO 2 allowances required for
				deduction under subdivision 23-605(d)(1), provided CO 2 offset allowances may
				not be used to cover any part of such excess emissions; and
(2) pay any fine, penalty, or assessment or
				comply with any other remedy imposed under subdivision 23-605(d)(2).
(e) Recordkeeping and reporting
				requirements.
(1) Unless otherwise provided,
				the owners and operators of the CO 2 budget source and each CO 2 budget unit at
				the source shall keep on site at the source each of the following documents for
				a period of 10 years from the date the document is created. This period may be
				extended for cause, at any time prior to the end of 10 years, in writing by the
				Agency.
(i) The account certificate of
				representation for the CO 2 authorized account representative for the source
				and each CO 2 budget unit at the source and all documents that demonstrate the
				truth of the statements in the account certificate of representation, in
				accordance with section 23-204, provided that the certificate and documents
				shall be retained on site at the source beyond such 10-year period until such
				documents are superseded because of the submission of a new account certificate
				of representation changing the CO 2 authorized account
				representative.
(ii) All emissions
				monitoring information, in accordance with Subchapter VIII and
				40 CFR
				75.57.
(iii) Copies of all reports, compliance
				certifications, and other submissions and all records made or required under
				the CO 2 Budget Trading Program.
(iv) Copies of all documents used to complete
				a CO 2 budget permit application and any other submission under the CO 2 Budget
				Trading Program or to demonstrate compliance with the requirements of the CO 2
				Budget Trading Program.
(2) The CO 2 authorized account
				representative of a CO 2 budget source and each CO 2 budget unit at the source
				shall submit the reports and compliance certifications required under the CO 2
				Budget Trading Program, including those under Subchapter IV.
(f) Liability.
(1) No permit revision shall excuse any
				violation of the requirements of the CO 2 Budget Trading Program that occurs
				prior to the date that the revision takes effect.
(2) Any provision of the CO 2 Budget Trading
				Program that applies to a CO 2 budget source (including a provision applicable
				to the CO 2 authorized account representative of a CO 2 budget source) shall
				also apply to the owners and operators of such source and of the CO 2 budget
				units at the source.
(3) Any
				provision of the CO 2 Budget Trading Program that applies to a CO 2 budget unit
				(including a provision applicable to the CO 2 authorized account representative
				of a CO 2 budget unit) shall also apply to the owners and operators of such
				unit.
(g) Effect on
				other authorities. No provision of the CO 2 Budget Trading Program, a CO 2
				budget permit application, or a CO 2 budget permit, shall be construed as
				exempting or excluding the owners and operators and, to the extent applicable,
				the CO 2 authorized account representative of a CO 2 budget source or CO 2
				budget unit from compliance with any other provisions of applicable State and
				federal law and regulations.
106 Computation of Time
(a) Unless otherwise stated, any time period
				scheduled, under the CO 2 Budget Trading Program, to begin on the occurrence of
				an act or event shall begin on the day the act or event occurs.
(b) Unless otherwise stated, any time period
				scheduled, under the CO 2 Budget Trading Program, to begin before the
				occurrence of an act or event shall be computed so that the period ends the day
				before the act or event occurs.
(c)
				Unless otherwise stated, if the final day of any time period, under the CO 2
				Budget Trading Program, falls on a weekend or a Vermont State or Federal
				holiday, the time period shall be extended to the next business day.
107 Severability
If any provision of this Chapter, or its application to any
				  particular person or circumstances, is held invalid, the remainder of this
				  Chapter, and the application thereof to other persons or circumstances, shall
				  not be affected thereby.