DEQ - NOx Emissions Credits Auction (language only)

Item 383 #7c

Language
Page 295, after line 9, insert:
"The Department of Environmental Quality may auction the NOx emissions credits allocated under the NOx SIP call as set asides for new sources and any revenue generated shall be deposited to the general fund of the state treasury.  Prior to any auction, the department shall report to the Secretary of Natural Resources and to the Chairmen of the Senate Finance and House Appropriations Committees on the process by which an auction shall be conducted.  The report shall be submitted no later than January 8, 2003."

Explanation
(This amendment authorizes the department to auction the "set aside" of nitrogen oxides emissions estimated at 1,878 tons. The set asides are "units" of pollution that are not under state permit but are legally available to industry for expansion purposes. The budget language permits the department to auction these units and requires the moneys to be deposited to the general fund. The estimated revenue from this transaction is $8.8 million in fiscal year 2004.)