reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE BUDGETS AND DISTRIBUTION OF ALLOWANCES › Section 173-446-210 - Total program allowance budgets

Current through Register Vol. 24-14, July 15, 2024
(1)
Calculating
				the total program allowance budget.
Ecology must use the following
				methods for setting the total program allowance budget for each year. The total
				program allowance budget for each year must be in units of MT
				CO2e on a mass basis.
(a) Emissions years 2023 through 2026.
(i) The total program allowance budget for
				emissions year 2023 is equal to 93 percent of the total program baseline
				described in WAC 173-446-200 Table 200-1 for 2023 through 2026.
(ii) The total program allowance budget for
				each year from 2024 through 2026 decreases annually relative to the previous
				year by an additional seven percent of the total program baseline in WAC
				173-446-200 Table 200-1 for 2023 through 2026.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE BUDGETS AND DISTRIBUTION OF ALLOWANCES › Section 173-446-240 - Distribution of allowances to natural gas utilities

Current through Register Vol. 24-14, July 15, 2024
(1)
Allocation
				baselines for natural gas utilities.
Ecology will use the following data
				sources and methods to facilitate the allocation of no cost allowances to
				natural gas utilities.
(a) Ecology will
				assign an allocation baseline to each natural gas utility using the methods for
				subtotal baselines established in WAC 173-446-200(2)(c) for emissions years
				2015 through 2019. Allowance allocation is based on the allocation baseline for
				the natural gas utility.
(b) A
				natural gas utility that is a covered entity under WAC 173-446-030(1) must
				submit a complete GHG report as specified in WAC
				173-441-122(4) for each emissions year 2015 through 2021 by March 31, 2022, in order to
				qualify for no cost allowances. A natural gas utility that becomes a covered
				entity under WAC 173-446-030(1) or 173-446-060 after 2023 must submit a
				complete GHG report as specified in WAC
				173-441-122(4) for each emissions year 2015 through the current reporting year by the
				reporting deadline in WAC
				173-441-050
				for the year it becomes a covered entity in order to qualify for no cost
				allowances.
(c) Prior to the
				beginning of a new compliance period, ecology may make an upward or downward
				adjustment in the allocation baseline for a natural gas utility effective
				starting in the next compliance period. Any adjustment must be based on
				significant changes to emissions from:
(i)
				Revised reports under WAC
				173-441-050(7) for emissions years used in determination of the allocation baseline;
(ii) A new assigned emissions level under WAC
				173-441-086
				for emissions years used in determination of the allocation baseline;
				or
(iii) A change in reporting
				method as described in WAC
				173-441-050(4) relative to the method used for reports from emissions years used in
				determination of the allocation baseline.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE BUDGETS AND DISTRIBUTION OF ALLOWANCES › Section 173-446-250 - Removing and retiring allowances

Current through Register Vol. 24-14, July 15, 2024
(1)
Adjustments
				for the use of offsets as compliance instruments.
Ecology will use the
				following process to remove and retire allowances to account for the use of
				offset credits used for compliance in accordance with
				RCW
				   70A.65.170(5). This process
				will be completed by December 15th of each year.
(a) The calculation to determine the number
				of offset credits to be removed is as follows:
Offset credits used = Offsets - Invalidations Eq.
				  250-2.
Where:
Offsets
= number of offset credits used as compliance
							 instruments for compliance obligations from the prior year.
Invalidations
= number of offset credits invalidated by ecology
							 (if any).
(b)
				If the number of offset credits calculated by Eq. 250-2 is greater than zero, a
				number of allowances equal to that number of offset credits will be removed
				from the next year's annual allowance budget and retired.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE BUDGETS AND DISTRIBUTION OF ALLOWANCES › Section 173-446-260 - Allowance distribution dates

Current through Register Vol. 24-14, July 15, 2024
(1) Ecology will
				distribute vintage 2023 no cost allowances to mass-based EITE facilities,
				natural gas utilities, and electric utilities that have authorized accounts by
				the following dates:
(a) For mass-based EITE
				facilities: By September 1, 2023.
(b) For natural gas utilities:
(i) By July 1, 2023, a total of 35 percent of
				vintage 2023 no cost allowances will be allocated, based on ecology's best
				estimate of the final total as of this date.
(ii) By September 1, 2023, the remaining
				vintage 2023 no cost allowances will be allocated, taking into account the
				quantity of no cost allowances already allocated.
(c) For investor-owned electric utilities,
				within 60 days of the utilities and transportation commission approval of the
				forecasts of supply and demand to be used for the purposes of WAC 173-446-230,
				or by July 1, 2023, if the utilities and transportation commission takes no
				action.
(d) For consumer-owned
				electric utilities, within 60 days of the governing board of the consumer-owned
				utility approval of the forecasts of supply and demand to be used for the
				purposes of WAC 173-446-230, or no later than July 1, 2023, if the governing
				board takes no action.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-310 - Public notice

Current through Register Vol. 24-14, July 15, 2024
(1) At least 60
				calendar days before an auction, ecology shall provide notice of the auction to
				the Environmental Justice Council and to the public, setting out the following
				information:
(a) The day on which, and time
				period during which, bidding in the auction may take place;
(b) The location or internet address at which
				the auction will be held;
(c) A
				summary of the requirements of this rule relating to the auction or sale,
				including the auction floor price and the emissions containment reserve trigger
				price;
(d) A summary of the auction
				process;
(e) For each allowance
				being offered for sale at the auction, the vintage year, if any, of the
				allowance; and
(f) The number of
				allowances of each vintage year being offered for sale at the
				auction.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-315 - Registration for an auction

Current through Register Vol. 24-14, July 15, 2024
(1) A registered entity
				must apply to ecology before bidding in each auction. To apply to bid in an
				auction each registered entity must:
(a) No
				later than 40 calendar days before the day of the auction, update any
				information required to be updated under WAC 173-446-050(5), 173-446-053,
				173-446-055, or 173-446-105 through 173-446-140.
(b) By the auction application deadline,
				which is no later than 30 calendar days before the day of the auction, submit
				the following information to ecology:
(i) The
				name, contact information, and holding account number of the registered
				entity.
(ii) The names and
				identification numbers of all designated account representatives of the
				registered entity.
(iii) The name
				and contact information of any consultant that provides advice related to the
				auction participant's bidding strategy and, if applicable, the name of the
				consultant's employer.
(iv) The
				form of bid guarantee to be given.
(c) No later than 12 calendar days before the
				day of the auction, submit a bid guarantee meeting the requirements of WAC
				173-446-325.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-317 - Auctions-Prohibited actions

Current through Register Vol. 24-14, July 15, 2024
(1) Collusion among
				bidders and/or market manipulation are prohibited.
(2) To prevent bidder collusion and minimize
				the potential for market manipulation, a registered entity registered to
				participate in an auction may not release or disclose any bidding information
				including, but not limited to:
(a) Intent to
				participate or refrain from participating in an auction;
(b) Auction approval status;
(c) Intent to bid;
(d) Bidding strategy;
(e) Bid price or bid quantity; or
(f) Information on the bid guarantee provided
				to the financial administrator.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-320 - Suspension and revocation of registration

Current through Register Vol. 24-14, July 15, 2024
(1) Ecology may cancel
				or restrict a previously approved auction participation application or reject a
				new application if ecology determines that a registered entity has:
(a) Provided false or misleading
				information;
(b) Withheld material
				information that could influence an ecology decision;
(c) Violated any part of the auction
				rules;
(d) Violated registration
				requirements;
(e) Violated any of
				the rules regarding the conduct of the auction;
(f) Coordinated bidding strategy of more than
				one auction participant in violation of WAC 173-446-317(2); or
(g) Disclosed auction-related information in
				violation of WAC 173-446-317(1).
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-325 - Bid guarantee

Current through Register Vol. 24-14, July 15, 2024
(1) Each registered
				entity must provide a bid guarantee for the purpose of bidding in an auction.
				The bid guarantee must cover bids for future vintage allowances as well as bids
				for current and past vintage allowances. The bid guarantee must meet the
				following criteria:
(a) Be in U.S.
				dollars;
(b) Be valid for at least
				26 calendar days following the day of the auction or sale;
(c) Be one or a combination of the following
				and must be given in a form and manner approved by ecology:
(i) Cash in the form of a wire
				transfer;
(ii) An irrevocable letter
				of credit; or
(iii) A
				bond.
(d) All bid
				guarantees must be in a form that may be accepted by the financial services
				administrator consistent with U.S. banking laws and bank practices;
(i) If the bid guarantee is a wire transfer,
				it must be deposited in an escrow account of the financial services
				administrator or of the institution indicated by the financial services
				administrator.
(ii) If the bid
				guarantee is an irrevocable letter of credit, it must:
(A) Be made payable to the financial services
				administrator; and
(B) Be payable
				within three business days of a payment request.
(e) The bid guarantee must be for an amount
				that is greater than or equal to the registered entity's proposed maximum bid
				value, as determined under subsection (2) of this section.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-330 - Purchase limits

Current through Register Vol. 24-14, July 15, 2024
A registered entity shall comply with the following rules for
				  purchasing allowances available at an auction:
(1) A covered entity or opt-in entity that is
				not a member of a direct corporate association shall not purchase more than 10
				percent of the allowances available.
(2) A general market participant that is not
				a member of a direct corporate association shall not purchase more than four
				percent of the allowances available.
(3) For purposes of auction purchase limits,
				all members of a direct corporate association are considered to be a single
				party subject to the purchase limits in subsections (1) and (2) of this
				section. A covered entity or opt-in entity that is a member of a direct
				corporate association shall ensure that the purchase limit set out in
				subsection (1) of this section is allocated among the members of the direct
				corporate association.
(4) If the
				direct corporate association mentioned in subsection (3) of this section
				includes a general market participant, the allocation under subsection (3) of
				this section must be carried out in such a manner as to ensure the rule set out
				in subsection (5) of this section is also complied with.
(5) A general market participant that is a
				member of a direct corporate association shall ensure that the purchase limits
				set out in subsection (2) of this section are allocated among all members of
				the direct corporate association who are general market participants.
(6) No registered entity that is a member of
				a direct corporate association shall purchase more than the share of the
				purchase limit allocated to the registered entity under this section.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-335 - Auction floor price and ceiling price

Current through Register Vol. 24-14, July 15, 2024
(1) The auction floor
				price for 2023 shall be $19.70 increased by five percent plus the rate of
				inflation as measured by the most recently available 12 months of the consumer
				price index for all urban consumers as of the first business day in December
				2022.
(2) The auction floor price
				for a year after 2023 shall be the auction floor price for the prior calendar
				year increased annually by five percent plus the rate of inflation as measured
				by the most recently available 12 months of the consumer price index for all
				urban consumers as of the first business day in December of the prior
				year.
(3) Beginning in 2022, on the
				first business day in December of each year, ecology shall announce the floor
				price for the next year.
(4) The
				ceiling price for 2023 shall be $72.29 increased by five percent plus the rate
				of inflation as measured by the most recently available 12 months of the
				consumer price index for all urban consumers as of the first business day in
				December of 2022.
(5) The ceiling
				price for a year after 2023 shall be the ceiling price for the prior calendar
				year increased annually by five percent plus the rate of inflation as measured
				by the most recently available 12 months of the consumer price index for all
				urban consumers as of the first business day in December of the prior
				year.
(6) Beginning in 2022, on the
				first business day in December of each year, ecology shall announce the ceiling
				price for the next year.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-340 - Emissions containment reserve trigger price

Current through Register Vol. 24-14, July 15, 2024
The emissions containment reserve trigger price is suspended
				  as of October 1, 2022, until reinstated by rule.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-345 - Administration of auction-Lots

Current through Register Vol. 24-14, July 15, 2024
Ecology shall divide allowances that are to be auctioned into
				  lots in accordance with the following rules:
(1) Each lot, other than the final lot for
				each vintage, shall consist of 1,000 allowances.
(2) The final lot may consist of fewer than
				1,000 allowances if fewer than 1,000 allowances remain once all other
				allowances have been divided into lots of 1,000.
(3) Each lot of future vintage allowances
				must consist of only one vintage of allowances.
(4) Each lot other than lots of future
				vintage allowances may include both current and past vintage
				allowances.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-350 - Bids

Current through Register Vol. 24-14, July 15, 2024
(1) A registered entity
				must include the following in a bid submitted in an auction:
(a) The bid price, in dollars and whole
				cents;
(b) The number of lots that
				the participant wishes to purchase.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-353 - Determination of actual maximum bid value

Current through Register Vol. 24-14, July 15, 2024
(1) Before accepting
				any bids, ecology shall determine whether each registered entity's actual
				maximum bid value, as determined under subsection (2) of this section, is
				greater than the registered entity's bid guarantee.
(2) The registered entity's actual maximum
				bid value is determined as follows:
(a) For
				each bid price included in the registered entity's bids, multiply the bid price
				by the number of allowances that the registered entity proposed to purchase at
				that bid price or at a higher bid price.
(b) The highest value calculated under (a) of
				this subsection is the actual maximum bid value.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-355 - Maximum bid value in excess of bid guarantee

Current through Register Vol. 24-14, July 15, 2024
(1) If the actual
				maximum bid value of a registered entity's bids exceeds the value of the
				registered entity's bid guarantee, ecology shall remove from the registered
				entity's bids enough lots such that the remaining bids would not result in the
				actual maximum bid value exceeding the value of the bid guarantee.
(2) If ecology has removed lots under
				subsection (1) of this section, each removed lot of allowances shall be
				considered as a new bid at each valid bid price in descending order, between:
(a) The bid price at which the actual maximum
				bid value was greater than the registered entity's bid guarantee; and
(b) The lowest bid price.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-357 - Acceptance of bids

Current through Register Vol. 24-14, July 15, 2024
(1) No bid price that
				is below the auction floor price shall be accepted.
(2) Ecology shall accept bids that have not
				been rejected, starting with the highest bid price and continuing in decreasing
				order by bid price until no more acceptable bids remain or no more of the
				allowances described in the notice of the auction are available.
(3) If the demand for allowances results in
				an auction settlement price that is lower than the emissions containment
				reserve trigger price, and ecology has not suspended the emissions containment
				reserve trigger price under WAC 173-446-340, ecology shall withhold up to 10
				percent of the allowances submitted by ecology for auction as needed until
				either the emissions containment reserve trigger price becomes the auction
				settlement price or the number of allowances ecology may withhold is exhausted.
				Allowances withheld from the auction under this subsection shall be placed in
				the emissions containment reserve.
(4) Subsection (5) of this section applies if
				more than one bid has been submitted at the lowest accepted bid price for
				allowances in a quarterly auction of current, past, or future allowances, or at
				a Tier 1 price or the Tier 2 price for auctions from the allowance price
				containment reserve.
(5) If the
				total number of allowances bid upon at a bid price mentioned in subsection (4)
				of this section is greater than the number of allowances available at that bid
				price, ecology shall divide the remaining allowances available at that bid
				price between the registered entities who submitted the bids at that bid price,
				in accordance with the following steps:
(a)
				Divide the number of allowances bid upon by each registered entity at that bid
				price by the total number of allowances that were bid upon at that bid price.
				This is the registered entity's share of the allowances.
(b) Multiply each participant's share
				determined under (a) of this subsection by the number of allowances remaining,
				rounding down to the nearest whole number. This is the number of allowances to
				be distributed to the registered entity.
(c) If any allowances remain after carrying
				out the steps under (a) and (b) of this subsection, distribute the remaining
				allowances as follows:
(i) Assign a random
				number to each registered entity who submitted a bid at the applicable lowest
				bid price.
(ii) Distribute one
				allowance at a time to the registered entities in ascending order by the random
				number assigned, until no more of the allowances available at that bid price
				remain.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-360 - Payment for purchases

Current through Register Vol. 24-14, July 15, 2024
(1) A registered entity
				who has been notified by ecology that one or more bids by the regis-tered
				entity have been successful in an auction shall pay, in the form and manner
				approved by ecology, the amount set out in the notice to the financial services
				administrator no later than seven calendar days after receiving the
				notice.
(2) If the registered
				entity provided more than one form of bid guarantee, the bid guarantee
				instruments must be applied to a registered entity's unpaid balance in the
				order the instruments are listed in WAC 173-446-325(1)(c).
(3) Ecology shall transfer the allowances
				paid for under subsections (1) and (2) of this section to the registered
				entity's holding account.
(4) The
				financial services administrator shall return any unused portions of a bid
				guarantee.
(5) Despite subsection
				(3) of this section, ecology may transfer allowances purchased at an auction to
				a participant's compliance account if:
(a) The
				allowances are current or past year vintage allowances; and
(b) Holding limits would not apply to the
				allowances once they are transferred to the compliance account.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-362 - Summary of auction

Current through Register Vol. 24-14, July 15, 2024
(1) No later than 45
				days following the conclusion of the auction, ecology shall make available to
				the public a written summary of each auction, setting out the following
				information:
(a) The auction settlement
				price;
(b) The registered entities
				to whom ecology gave permission to participate in the auction;
(c) Details regarding the number of
				allowances sold, the number of each vintage year of allowances sold, and a
				description of how the allowances were distributed among the registered
				entities who submitted bids, without identifying which registered entities
				purchased the allowances.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-365 - Auction of future year allowances

Current through Register Vol. 24-14, July 15, 2024
(1) Two times per year,
				ecology shall hold parallel auctions of future vintage allowances.
(2) Auctions of future vintage allowances
				shall follow the procedure set out in WAC 173-446-310 through
				173-446-362.
(3) For each auction
				of future vintage allowances, ecology will submit for auction allowances from
				the year three years in the future according to the following schedule:
(a) For each auction of future vintage
				allowances in 2023, ecology will submit for auction five percent of the
				allowances in the annual allowance budget for 2026.
(b) For each auction of future vintage
				allowances in 2024, ecology will submit for auction five percent of the
				allowances in the annual allowance budget for 2027 as determined without taking
				into account the increase in the allowance budget caused by the addition of
				waste-to-energy facilities as covered entities in the second compliance
				period.
(c) For each auction of
				future vintage allowances in 2025, ecology will submit for auction five percent
				of the allowances in the annual allowance budget for 2028 as determined without
				taking into account the increase in the allowance budget caused by the addition
				of waste-to-energy facilities as covered entities in the second compliance
				period.
(d) For each auction of
				future vintage allowances in 2026, ecology will submit for auction five percent
				of the allowances in the annual allowance budget for 2029 as determined without
				taking into account the increase in the allowance budget caused by the addition
				of waste-to-energy facilities as covered entities in the second compliance
				period.
(e) For each auction of
				future vintage allowances in 2027 and each year thereafter, ecology will submit
				for auction five percent of the allowances in the annual allowance budget for
				the year three years in the future.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-370 - Allowance price containment reserve account

Current through Register Vol. 24-14, July 15, 2024
(1) Ecology shall maintain an allowance price
				containment reserve account.
(a) Allowances
				in the allowance price containment reserve have no vintage and are therefore
				eligible to be submitted for compliance at any time.
(b) Allowances purchased from the allowance
				price containment reserve are placed directly into the purchaser's compliance
				account.
(c) On January 1, 2023,
				ecology shall place into the allowance price containment reserve account:
(i) Five percent of the allowances in the
				annual allowance budgets for each year of the first compliance period;
				and
(ii) Five percent of the
				allowances in the annual allowance budgets for each year of the second
				compliance period, as determined without taking into account the increase in
				the allowance budgets caused by the addition of waste-to-energy facilities as
				covered entities in the second compliance period.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-375 - Emissions containment reserve account

Current through Register Vol. 24-14, July 15, 2024
(1) Ecology shall
				maintain an emissions containment reserve account containing the following
				allowances:
(a) Allowances amounting to two
				percent of the annual allowance budgets for years 2023 through 2026.
(b) Allowances submitted by ecology for
				auction that are unsold after being offered for sale for 24 months in current
				and past year vintage allowance auctions and future vintage allowance
				auctions.
(c) Allowances from EITE
				facilities that have been curtailed or closed.
(d) Allowances from facilities that fall
				below the emissions threshold. The number of these allowances must be
				proportionate to the amount of emissions the facility was previously
				emitting.
(e) Unless the emissions
				containment reserve trigger price is suspended under WAC 173-446-340,
				allowances withheld from auction as described in WAC 173-446-357(3).
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-380 - Price ceiling units

Current through Register Vol. 24-14, July 15, 2024
(1) Immediately prior
				to the deadline for compliance for each compliance period, in the event that no
				allowances remain in the allowance price containment reserve, ecology shall
				issue price ceiling units for sale at the ceiling price to covered entities
				that do not have sufficient eligible compliance instruments in their holding
				and compliance accounts to meet their compliance obligations for that
				compliance deadline.
(2) Each price
				ceiling unit covers the compliance obligation for the emission of one metric
				ton of CO2e.
(3) Only covered entities that do not have
				sufficient eligible compliance instruments in their holding and compliance
				accounts to meet their requirements for the immediately upcoming compliance
				period compliance obligation may purchase price ceiling units. These covered
				entities may purchase only the number of price ceiling units necessary to meet
				their compliance obligations for the upcoming compliance period deadline and
				must use those price ceiling units for compliance at the immediately upcoming
				compliance deadline.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-385 - Price ceiling unit sales

Current through Register Vol. 24-14, July 15, 2024
(1) Price ceiling unit
				sales shall only be held between the last allowance price containment reserve
				auction before the compliance deadline for a compliance period and the
				compliance period deadline itself.
(2) Price ceiling units shall be sold at the
				ceiling price.
(3) Price ceiling
				unit sales shall be held only if a covered entity requests a price ceiling unit
				sale at least 10 days before the immediately upcoming deadline for a compliance
				period.
(4) In a request for a
				price ceiling unit sale, the covered entity must provide an accounting to
				ecology showing that it has insufficient compliance instruments to meet its
				compliance obligations for the immediately upcoming deadline for a compliance
				period. This accounting must include any confirmed and finalized agreements to
				transfer compliance instruments to the covered entity prior to the compliance
				deadline.
(5) If the statutory
				conditions for the sale of price ceiling units outlined above are met, ecology
				shall instruct the financial services administrator to begin to accept cash
				payment for purchases from price ceiling sales no earlier than 10 business days
				after the previous allowance price containment reserve auction and to cease
				accepting payments no later than seven business days thereafter.
(7) The financial services administrator will
				inform ecology of the amounts of payments received from covered entities no
				later than one business day after it ceases to accept payments.
(8) After a sale, ecology will transfer
				purchased price ceiling units directly to each purchaser's compliance account
				for retirement at the immediately upcoming compliance deadline.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › ALLOWANCE AUCTIONS › Section 173-446-390 - Confidentiality

Current through Register Vol. 24-14, July 15, 2024
Records containing the following information are confidential
				  and are exempt from public disclosure in their entirety:
(1) Bidding information as identified in WAC
				173-446-317;
(2) Information
				contained in the secure, online electronic tracking system for compliance
				instruments;
(3) Financial,
				proprietary, and other market sensitive information as determined by ecology
				that is submitted to the department pursuant to this chapter;
(4) Financial, proprietary, and other market
				sensitive information as determined by ecology that is submitted to an
				independent contractor or the financial services administrator engaged by
				ecology; and
(5) Financial,
				proprietary, and other market sensitive information as determined by ecology
				that is submitted to a jurisdiction with which the department has entered into
				a linkage agreement pursuant to
				RCW
				   70A.65.210, and which is shared with ecology,
				the independent contractor, or the financial services administrator pursuant to
				a linkage agreement.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › COMPLIANCE INSTRUMENT TRANSACTIONS › Section 173-446-410 - Transfers among registered entities-Process

Current through Register Vol. 24-14, July 15, 2024
(1) Every registered
				entity wishing to trade compliance instruments with another party registered in
				Washington's program or with a party registered in an external GHG ETS to which
				Washington has linked must follow the procedures outlined below.
(a) To initiate the transfer, a transferor's
				account representative must submit to ecology and to all the transferor's other
				account representatives a transaction request containing the information
				outlined in WAC 173-446-430. A second transferor's account representative must
				submit confirmation of the transaction request to ecology and to all the
				transferee's account representatives within two calendar days after submission
				of the original request to ecology.
(b) If the intended transferee wishes to
				accept the transfer, within three calendar days after the initial transaction
				request referenced in this subsection, a transferee's account representative
				must submit to ecology and to the transferor confirmation of acceptance of the
				transfer.
(c) At each step in the
				transaction request, the account representative concerned must attest to
				holding due authorization to complete the transaction for the registered
				entity, and that the information contained in the transaction request is true,
				accurate, and complete.
(d) The
				account representatives involved in the transaction must provide ecology on
				request and within 10 business days with any additional information concerning
				the transaction.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › COMPLIANCE INSTRUMENT TRANSACTIONS › Section 173-446-420 - Transfers to a compliance account-Process

Current through Register Vol. 24-14, July 15, 2024
(1) Every registered
				entity wishing to transfer compliance instruments from the registered entity's
				holding account to its compliance account must send ecology a request
				including:
(a) The registered entity's
				holding account number and its compliance account number; and
(b) The quantity, type, and, where
				applicable, vintage of the compliance instruments to be
				transferred.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › COMPLIANCE INSTRUMENT TRANSACTIONS › Section 173-446-425 - Transfers of no cost allowances from an electric utility to an electrical generating facility or to a federal power marketing administration

Current through Register Vol. 24-14, July 15, 2024
(1) An electric utility
				wishing to transfer no cost allowances to the compliance account of an
				electrical generating facility or federal power marketing administration may
				submit a request to ecology asking for the transfer and providing the following
				information:
(a) The electric utility's
				holding account number;
(b) The
				compliance account number of the federal power marketing administration or the
				electrical generating facility;
(c)
				The quantity and vintage of no cost allowances to be transferred;
(d) The relationship between the electric
				utility and the federal power marketing administration or electric generating
				facility.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › COMPLIANCE INSTRUMENT TRANSACTIONS › Section 173-446-430 - Transfers of no cost allowances from a utility's holding account to its limited use holding account for consignment to auction

Current through Register Vol. 24-14, July 15, 2024
(1) A utility wishing
				to consign no cost allowances to auction must transfer those no cost allowances
				from its holding account to its limited use holding account by submitting a
				request to ecology asking for the transfer and providing the following
				information:
(a) The utility's holding
				account number;
(b) The utility's
				limited use holding account number; and
(c) The quantity and vintage of no cost
				allowances to be transferred.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › COMPLIANCE INSTRUMENT TRANSACTIONS › Section 173-446-440 - Compliance instrument transactions-Prohibited actions

Current through Register Vol. 24-14, July 15, 2024
(1) Other than the
				account representatives directly involved in a transaction, no party holding
				confidential or privileged information on a compliance instrument may trade
				that compliance instrument, disclose the information or recommend that another
				party trade the compliance instrument, except if the party has reason to
				believe that the information is known to the public or to the other party in
				the transaction. However, the party may disclose the information or recommend
				that another party trade the compliance instrument if the party is required to
				disclose the information in the course of business, and if nothing leads the
				person to believe that the information will be used or disclosed in
				contravention of this section.
(2)
				No party prevented from trading compliance instruments pursuant to subsection
				(1) of this section may use the confidential or privileged information in any
				other way, unless the party has reason to believe that the information is known
				to the public. In particular, the party may not carry out operations on futures
				contracts or other derivatives within the meaning of the Commodities Exchange
				Act, 7 U.S.C. Chapter 1 involving a compliance instrument.
(3) A party with knowledge of material order
				information may not carry out or recommend that another party carry out a
				transaction involving a compliance instrument, or disclose the information to
				any other party except if:
(a) The party has
				reason to believe the other party is already aware of the
				information;
(b) The party must
				disclose the information in the course of business, and nothing leads the party
				to believe that it will be used or disclosed in contravention of this section;
				and
(c) The party carries out a
				transaction involving the compliance instrument concerned by the information in
				order to perform a written obligation that the party contracted before becoming
				aware of the information.
(d) For
				the purposes of this section, material order information is any information
				concerning an order to buy or an order to sell a compliance instrument that
				could have a material impact on the price of a compliance instrument.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › OFFSETS › Section 173-446-500 - General requirements for ecology offset credits and registry offset credits

Current through Register Vol. 24-14, July 15, 2024
(1) In order to ensure
				an offset credit can be used as a compliance instrument under this chapter, an
				offset project operator or authorized project designee must demonstrate that
				the ecology offset credits and/or registry offset credits generated by its
				offset project meet the following requirements. A registry offset credit must:
(a) Represent a GHG emission reduction or GHG
				removal enhancement that is real, quantifiable, permanent, verifiable,
				enforceable, and additional to GHG reductions or removals otherwise required by
				law and other GHG reductions or removals that would otherwise occur;
(b) Result from the use of a compliance
				offset protocol that meets the requirements of WAC 173-446-505;
(c) Result from an offset project that is
				listed in accordance with WAC 173-446-520;
(d) Result from an offset project that
				complies with the monitoring, reporting and record retention requirements of
				WAC 173-446-525;
(e) Result from an
				offset project that is verified pursuant to the requirements of WAC
				173-446-530;
(f) Result from an
				offset project that will not produce significant adverse environmental impacts
				after mitigation. When analysis under Washington's State Environmental Policy
				Act (SEPA) is required for an offset project, a project-level SEPA analysis
				finding no significant adverse environmental impact after mitigation fulfills
				this requirement; and
(g) Be issued
				by an offset project registry approved pursuant to the requirements of WAC
				173-446-590.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › OFFSETS › Section 173-446-505 - Requirements for compliance offset protocols

Current through Register Vol. 24-14, July 15, 2024
(1) In order for
				ecology to adopt an offset protocol as a compliance offset protocol the offset
				protocol must:
(a) Accurately determine the
				extent to which GHG emission reductions and GHG removal enhancements are
				achieved by the offset project type;
(b) Establish data collection and monitoring
				procedures relevant to the type of GHG emissions sources, GHG sinks, and GHG
				reservoirs for that offset project type;
(c) Establish a project baseline that
				reflects an estimate of business-as-usual performance or practices for
				comparison against the GHG emission reductions and/or GHG removal enhancements
				to be achieved by the offset project type;
(d) Account for activity-shifting leakage and
				market-shifting leakage for the offset project type, unless the offset protocol
				stipulates eligibility conditions limiting the use of the offset protocol that
				eliminate the risk of activity-shifting and/or market-shifting
				leakage;
(e) Account for any
				uncertainty in quantification factors for the offset project type;
(f) Ensure GHG emission reductions and GHG
				removal enhancements are permanent;
(g) Include a mechanism to ensure permanence
				of GHG removal enhancements for sequestration offset project types;
(h) Establish the length of the crediting
				period for the offset project type;
(i) Establish the eligibility and
				additionality of the offset project type and quantify GHG emission reductions
				and GHG removal enhancements using standardized baseline assumptions, emission
				factors, and monitoring methods; and
(j) Specify the geographic area(s) where the
				protocol is applicable.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › OFFSETS › Section 173-446-515 - Authorized project designee

Current through Register Vol. 24-14, July 15, 2024
(1) General
				requirements for designation of authorized project designee. An offset project
				operator may designate a party as an authorized project designee at the time of
				offset project listing or any time after offset project listing as long as the
				offset project operator meets the requirements of this section.
(a) The offset project operator may assign
				ownership rights of ecology offset credits or registry offset credits to any of
				the following parties at the time of issuance of a registry offset credit or
				ecology offset credit:
(i) Authorized project
				designee; or
(ii) Any other third
				party not otherwise prohibited from acquiring an ownership interest in
				compliance instruments under this chapter.
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-446 - Climate Commitment Act program rule › OFFSETS › Section 173-446-520 - Listing of offset projects using ecology compliance offset protocols

Current through Register Vol. 24-14, July 15, 2024
(1) Registration
				requirements for offset project operators or authorized project designees who
				are submitting an offset project for listing. Before an offset project can be
				listed by ecology or an offset project registry, the party with legal authority
				to implement the offset project must be registered with ecology as an offset
				project operator under WAC 173-446-055. To register as a general market
				participant, the registered offset project operator or its authorized project
				designee must:
(a) Submit the information
				required by WAC 173-446-055(3)(a); and
(b) Not be subject to any holding account
				restrictions.