N.J. Admin. Code § 7:27C-11.1

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:27C-11.1 - Auction of CO[2] allowances

(a) The Department will participate in, or conduct, auctions to sell CO[2] allowances allocated to the consumer benefit account in accordance with NJ.A.C. 7:27C-5, CO[2] Allowance Allocations, and this subchapter.

(b) The Department may delegate the implementation and administrative support functions for any CO[2] allowance auction conducted pursuant to this subchapter to an agent qualified to conduct auctions, including a regional entity, provided that such agent shall perform all such functions under the direction and oversight of the Department.

(c) The Department will participate in a multistate CO[2] allowance auction if it determines that:

1. A multistate auction capability and process is in place for the participating states;

2. The multistate auction can provide benefits to the State that meet or exceed the benefits conferred on the State through its own State-run auction process; and

3. The multistate auction process would be consistent with the process described in this subchapter.

(d) Should the Department find that the conditions in (c) above have not been satisfied, the Department may conduct a New Jersey auction pursuant to N.J.A.C. 7:27C-5 and this subchapter or may take such other action as it deems appropriate.

(e) The Department will retain its authority to enforce compliance with all sections of this chapter and will retain control over the proceeds associated with the sale of all of New Jersey's CO[2] allowances, whether sold in a multistate or New Jersey CO[2] allowance auction and will credit the proceeds to the Global Warming Solutions Fund established pursuant to N.J.S.A. 26:2C-50.

N.J. Admin. Code § 7:27C-11.1

Adopted by 51 N.J.R. 992(a), effective 6/17/2019