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Regional Greenhouse Gas Initiative

Regional Greenhouse Gas Initiative. John Quinn April 26, 2013. EPA Requirements are coming RGGI can Meet Requirements Important Issues in the RGGI Mid Term Review. 2. Attorney Client Privileged & Confidential. Climate Change is a Problem that we need to do something about. 3.

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Regional Greenhouse Gas Initiative

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  1. Regional Greenhouse Gas Initiative John Quinn April 26, 2013

  2. EPA Requirements are coming • RGGI can Meet Requirements • Important Issues in the RGGI Mid Term Review 2 Attorney Client Privileged & Confidential

  3. Climate Change is a Problem that we need to do something about 3 Attorney Client Privileged & Confidential

  4. EPA will require Action 4 Attorney Client Privileged & Confidential

  5. EPA WILL REGULATE GHG FROM EXISTING POWER PLANTS • EPA is required to establish greenhouse gas new source performance standards for existing units. • EPA will develop these standards under section 111(d) of the Clean Air Act: • EPA establishes technology-based standards and implementation guidelines • Each state must develop laws and regulations to implement those standards as part of its state implementation plan (“SIP”) • EPA will review these SIPs to ensure that they are as stringent as the EPA guidelines and are practically enforceable • Expectation: • 2013 - draft guidelines • 2014 - final guidelines • When will NSPS be effective? 5 Attorney Client Privileged & Confidential

  6. RGGI is a Success Broad Stakeholder Involvement RGGI operates as a positive demonstration of Market Based mechanisms Serving as a model for auctioning allowances and reinvesting proceeds Positive Energy Efficiency projects have resulted. 6 Attorney Client Privileged & Confidential

  7. Regional Greenhouse Gas Initiative: Complement to GHG Regulation • Regardless of the form EPA regulation takes, EPA is highly likely to allow the states with existing cap and trade programs to meet their obligations by relying on those programs. • Nine states in the Northeast and Mid-Atlantic participate in the RGGI program, the nation’s first mandatory, market-based program designed to reduce emissions of carbon dioxide. • The recently-completed program review has resulted in significant changes that will make it more acceptable as a state mechanism to meet EPA requirements • The RGGI goal is for each state to implement the changes to RGGI by January 1, 2014. 7 Attorney Client Privileged & Confidential

  8. Mid Term Issues Cap Level Banked Allowances Cost Containment Reserve (CCR) Floor Offsets 8 Attorney Client Privileged & Confidential

  9. John Quinn 410-470-1215 John.Quinn@constellation.com 9 Attorney Client Privileged & Confidential

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