Current through Register Vol. 54, No. 44, November 2, 2024
Section 145.409 - Approval of auction results(a) An independent monitor, such as a certified public accounting firm or similar entity, shall observe the conduct and outcome of each auction and issue a report to the Department in accordance with professional auditing standards addressing whether the auction was conducted in accordance with the procedures and requirements under §§ 145.341 -145.343 and 145.401-145.408 (relating to CO2 allowance allocations; and CO2 allowance auctions) and this section and whether there was any indication of collusive behavior among auction participants or attempts at market manipulation that impacted the results of the auction.(b) The independent monitor shall monitor allowance market data and information known to the Department, including CO2 allowance transactions and associated pricing reported in COATS, and other relevant data and information to ensure fair competition, efficient pricing and protection against collusive or manipulative behavior in the CO2 allowance auctions and the CO2 Budget Trading Program.(c) The Department may approve the outcome of a CO2 allowance auction following the completion of the auction, based on an evaluation of the report from the independent monitor. (d) Upon receipt and approval by the Department of the report and upon payment in full by successful bidders, the Department or its agent shall transfer and record the corresponding CO2 allowances to the compliance or general account of each successful bidder.(e) After the Department has approved the results of a CO2 allowance auction, the Department will make available the auction clearing price and the number of CO2 allowances sold in the auction. This section cited in 25 Pa. Code § 145.302 (relating to definitions); and 25 Pa. Code § 145.401 (relating to auction of CO2 allowances).