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1 Multiple Pollutant Reduction Program; Definition; Regional Organization; RGGI allowance. Amend RSA 125-O:20, XIII-XV to read as follows:
XIII. "Regional organization" means a non-profit organization formed by the signatory states to RGGI to provide technical and administrative assistance for such things as: emissions and allowance tracking, offsets development and implementation, allowance market monitoring, and data collection. The organization shall have no regulatory or enforcement authority.
XIV. "Retire" means submitting a RGGI allowance to the department for compliance or other purpose or retaining a RGGI allowance by the department such that the allowance may never be sold or otherwise used again.
XV. "RGGI allowance" means a limited authorization to emit one ton of CO2 issued by the department or other state with a program that the department determines is in accordance with this subdivision or the RGGI program, including emissions limitations as documented by the regional organization, and shall include budget allowances, offset allowances, and early reduction allowances.
2 Carbon Dioxide Emissions Budget Trading Program. Amend RSA 125-O:21, II to read as follows:
II. The program shall include a statewide budget allowance total for each year calculated as follows:
*2019 4,184,333 minus FCPBA minus SCPBA
2020 4,079,725 minus FCPBA minus SCPBA
2021 3,960,999 minus TBA
2022 3,842,274 minus TBA
2023 3,723,549 minus TBA
2024 3,604,823 minus TBA
2025 3,486,098 minus TBA*
2026 3,367,373
2027 3,248,648
2028 3,129,922
2029 3,011,197
2030 and thereafter 2,892,472
3 Compliance; Permit Required. Amend RSA 125-O:22, V to read as follows:
V. In addition to the provisions set forth in RSA 125-O:7, an affected CO2 source that fails to obtain and retire sufficient RGGI allowances during a compliance period, in accordance with RSA 125-O:22, I, shall obtain and surrender 3 RGGI budget or early reduction allowances in the next compliance period for each RGGI allowance that the affected CO2 source was short in obtaining compliance.
4 Cost Containment Allowances in Addition to the Budget. RSA 125-O:29, I is repealed and reenacted to read as follows:
I. For the purposes of cost containment, the department shall make available for sale at one or more auctions up to the following amounts of allowances, that shall be in addition to the budget allowance total for the given year under RSA 125-O:21, II, if:
(a) The CO2 allowance auction price equals or exceeds $19.50 in 2027, up to 503,667 allowances and up to 503,667 additional allowances if it equals or exceeds $29.25;
(b) The CO2 allowance auction price equals or exceeds $20.87 in 2028, up to allowances and up to 503,667 additional allowances if it equals or exceeds $31.30;
(c) The CO2 allowance auction price equals or exceeds $22.33 in 2029, up to 503,667 allowances and up to 503,667 additional allowances if it equals or exceeds $33.49;
(d) The CO2 allowance auction price equals or exceeds $23.89 in 2030, up to 503,667 allowances and up to 503,667 additional allowances if it equals or exceeds $35.83;
(e) In any year thereafter, the CO2 allowance auction price equals or exceeds 1.07 multiplies by the auction price at which cost containment allowances were required to be made available in the previous calendar year rounded to the nearest whole cent, until further legislative action.
5 Repeal. The following are repealed:
I. RSA 125-O:20, VII and VII-a, relative to the definition of early reduction allowances and the definition of FCPBA or first compliance period banked allowances.
II. RSA 125-O:20, X, relative to the definition of offset allowances.
III. RSA 125-O:20, XV-a, relative to the definition of second compliance period banked allowances (SCPBA).
IV. RSA 125-O:20, XVIII, relative to the definition of third adjustment for banked allowances (TBA).
6 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
1 Multiple Pollutant Reduction Program; Definition; Regional Organization; RGGI allowance. Amend RSA 125-O:20, XIII-XV to read as follows:
XIII. "Regional organization" means a non-profit organization formed by the signatory states to RGGI to provide technical and administrative assistance for such things as: emissions and allowance tracking, allowance market monitoring, and data collection. The organization shall have no regulatory or enforcement authority.
XIV. "Retire" means submitting a RGGI allowance to the department for compliance or other purpose or retaining a RGGI allowance by the department such that the allowance may never be sold or otherwise used again.
XV. "RGGI allowance" means a limited authorization to emit one ton of CO2 issued by the department or other state with a program that the department determines is in accordance with this subdivision or the RGGI program, including emissions limitations as documented by the regional organization, and shall include budget allowances.
2 Carbon Dioxide Emissions Budget Trading Program. Amend RSA 125-O:21, II to read as follows:
II. The program shall include a statewide budget allowance total for each year calculated as follows:
2026 3,367,373
2027 2,993,220
2028 2,619,068
2029 2,244,915
2030 and thereafter 1,870,763
3 Compliance; Permit Required. Amend RSA 125-O:22, V to read as follows:
V. In addition to the provisions set forth in RSA 125-O:7, an affected CO2 source that fails to obtain and retire sufficient RGGI allowances during a compliance period, in accordance with RSA 125-O:22, I, shall obtain and surrender 3 RGGI budget allowances in the next compliance period for each RGGI allowance that the affected CO2 source was short in obtaining compliance.
4 Cost Containment Allowances in Addition to the Budget. RSA 125-O:29, I is repealed and reenacted to read as follows:
I. For the purposes of cost containment, the department shall make available for sale at one or more auctions up to the following amounts of allowances, that shall be in addition to the budget allowance total for the given year under RSA 125-O:21, II, if:
(a) The CO2 allowance auction price equals or exceeds $19.50 in 2027, up to 503,667 allowances and up to 503,667 additional allowances if it equals or exceeds $29.25;
(b) The CO2 allowance auction price equals or exceeds $20.87 in 2028, up to allowances and up to 503,667 additional allowances if it equals or exceeds $31.30;
(c) The CO2 allowance auction price equals or exceeds $22.33 in 2029, up to 503,667 allowances and up to 503,667 additional allowances if it equals or exceeds $33.49;
(d) The CO2 allowance auction price equals or exceeds $23.89 in 2030, up to 503,667 allowances and up to 503,667 additional allowances if it equals or exceeds $35.83;
(e) In any year thereafter, the CO2 allowance auction price equals or exceeds 1.07 multiplies by the auction price at which cost containment allowances were required to be made available in the previous calendar year rounded to the nearest whole cent, until further legislative action.
5 Repeal. The following are repealed:
I. RSA 125-O:20, VII and VII-a, relative to the definition of early reduction allowances and the definition of FCPBA or first compliance period banked allowances.
II. RSA 125-O:20, X, relative to the definition of offset allowances.
III. RSA 125-O:20, XV-a, relative to the definition of second compliance period banked allowances (SCPBA).
IV. RSA 125-O:20, XVIII, relative to the definition of third adjustment for banked allowances (TBA).
6 Effective Date. This act shall take effect 60 days after its passage.