06- 096 C.M.R. ch. 157, § 1

Current through 2024-51, December 18, 2024

Section 096-157-1 - Definitions

For the purposes of this Chapter the following definitions shall have the following meanings:

A.CO₂ allowance. "CO₂ allowance" means a limited authorization by the Department under the CO₂ Budget Trading Program to emit up to one ton of CO₂, subject to all applicable limitations contained in this regulation. No provision of this regulation shall be construed to limit the authority of the Department to terminate or limit such authorization to emit. This limited authorization does not constitute a property right.

B.CO₂ allowance price. "CO₂ allowance price" means the price for CO₂ allowances in the CO₂ Budget Trading Program for a particular time period as determined by the Department or its agent, calculated based on a volume-weighted average of transaction prices reported to the Department or its agent, at the Department's discretion, taking into account prices as reported publicly through reputable sources.

C.CO₂ Budget Unit. "CO₂ budget unit" means a fossil fuel-fired unit that is capable of serving a generator with a nameplate capacity equal to or greater than 25 MW electrical output.

D.Control period. "Control period" means a three-calendar-year time period, unless extended to four years upon occurrence of a stage two trigger event. The first control period is from January 1, 2009 through December 31, 2011, provided, however, that if a stage two trigger event occurs during the first control period, then the first control period will be extended one-year through December 31, 2012. Each subsequent sequential three-calendar-year period is a separate control period that is subject to one one-year extension upon occurrence of a stage two trigger event during the control period. In no event may a control period be longer than four calendar years.

E.Emergency event. "Emergency event" means an event that is unforeseeable, unavoidable and beyond the control of the CO₂ owner of a budget unit, for which the carbon dioxide budget unit bears no responsibility, such as an act of God, war, riot, insurrection, terrorist act, natural disasters, epidemic, national general strike.

F.Immediate and Irreparable Harm. "Immediate and irreparable harm" means imminent and catastrophic financial loss, including but not limited to, the termination of business at the CO₂ budget unit's location or declaration of bankruptcy pursuant to Chapter 11 of the United States Bankruptcy Code, provided such immediate and irreparable harm is beyond the control of the owner of a CO₂ budget unit.

G.Market settling period. "Market settling period" means the first fourteen months of any control period.

H.Stage two trigger event. "Stage two trigger event" means the occurrence of any twelve-month period that completely transpires following the market settling period and is characterized by an average CO₂ allowance price that is equal to or greater than the stage two threshold price.

I.Temporary Suspension of Compliance. "Temporary Suspension of Compliance" means a short-term exemption from the compliance obligations set forth in section 5 of CO₂ Budget Trading Program, 06-096 CMR Chapter 156, granted by the Commissioner to a CO₂ budget unit upon satisfactory demonstration of the occurrence of an emergency event, as defined in this Chapter.

J.Temporary Waiver of Enforcement. "Temporary Waiver of Enforcement" means an exercise of the Commissioner's inherent enforcement discretion to waive enforcement of violations of the CO₂ Budget Trading Program, 06-096 CMR Chapter 156, for violations that occurred over a period of time not to exceed one year, as guided by the provisions of this Chapter.

06- 096 C.M.R. ch. 157, § 1