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26.09.04.00.htm 26.09.04.00. Title 26 DEPARTMENT OF THE ENVIRONMENT Subtitle 09 MARYLAND CO2 BUDGET TRADING PROGRAM Chapter 04 Auctions Authority: Environment Article, §1-101, 1-404, 2-103, and 2-1002(g) Annotated Code of Maryland
26.09.04.01.htm 26.09.04.01. 01 Purpose.. The purpose of this chapter is to provide for the administration and implementation of CO2 allowance auctions under the Maryland CO2 Budget Trading Program.
26.09.04.02.htm 26.09.04.02. 02 Multistate Auctions.. A. The Department, in consultation with the Auction Advisory Committee (Committee) shall determine whether to participate in multistate regional CO2 allowance auctions in coordination with other participating states or to conduct Maryland-only auctions.B. In making its determination, the Department and the Committee shall consider whether:. 1) A multistate regional auction process, which includes the Department and other participating stat
26.09.04.03.htm 26.09.04.03. 03 Consumer Energy Efficiency Account.. A. The Department shall establish the Consumer Energy Efficiency Account, referred to in this subtitle as the Account, as described in COMAR 26.09.02. Each allowance to be auctioned shall be identified by its serial number as described in COMAR 26.09.02.B. The Department shall administer the Account in such a manner that allowances allocated to the Account or transferred to it from the Limited Industrial Exemption Set-aside A
26.09.04.04.htm 26.09.04.04. 04 Implementation of CO2 Allowance Auctions.. A. The Department shall design, implement, and administer CO2 allowance auctions in accordance with the objectives of this subtitle.B. Implementation and administrative support functions for any auction conducted may be performed by an agent of the Department, if the agent performs all functions under the direction and oversight of the Department.
26.09.04.05.htm 26.09.04.05. 05 Commencement, Frequency, and Quantity of CO2 Allowance Auctions.. A. The Department shall allocate allowances to the Account for auction as described in COMAR 26.09.02.B. The initial auction shall be conducted at a time and in a manner determined by the Department in consultation with the Committee.C. Frequency. Auctions shall be held at least annually and may be held as often as necessary to meet the objectives of this subtitle, at the Department's discretion and in con
26.09.04.06.htm 26.09.04.06. 06 Auction of CO2 Allowances.. A. The following rules shall apply to each allowance auction. The Department may specify additional information in the auction notice for each auction. Such additional information may include the time and location of the auction, auction rules, registration deadlines, and any additional information deemed necessary or useful.B. General Requirements.. 1) The Department shall include the following information in the auction notice for each auction:.
26.09.04.07.htm 26.09.04.07. 07 Auction Formats.. A. In conducting auctions, the Department may employ any of the following auction formats, or an auction format consisting of any or all of the components in §B―E of this regulation.B. Sealed Bid, Discriminatory Price. In this format:. 1) There is a single or multiple round sealed-bid auction in which the bidders may submit multiple bids at different prices; and2) Allowances are awarded to the highest bidders at their own bid price..
26.09.04.08.htm 26.09.04.08. 08 Participant Eligibility.. A. The Department, in consultation with the Committee, shall determine which categories of eligible bidders will be authorized to submit bids in each auction. Notification of the categories shall be included in each notice of CO2 allowance auction.B. Eligible categories of bidders for an auction may include:. 1) Owners of CO2 budget units located in Maryland;. 2) Owners of CO2 budget units located outside of Maryland but in a particip
26.09.04.09.htm 26.09.04.09. 09 Notice of Auctions.. A. Notice of CO2 Allowance Auction.. 1) A notice of CO2 allowance auction shall be published on the CO2 allowance auction website and in any other publication the Department considers appropriate not later than 45 days before the date upon which the auction may be conducted.2) Failure to publish the notice at least 45 days prior to the auction does not prohibit the Department from conducting an auction, if reasonable notice of the auction is provided.
26.09.04.10.htm 26.09.04.10. 10 Participation Requirements.. A. Qualification.. 1) Any party wishing to participate in an auction shall open and maintain a compliance or general account as described in COMAR 26.09.01.2) Any party wishing to participate in an auction shall be qualified by the Department.. 3) Only those bidders found qualified through the qualification application process will be permitted to submit a bid or bids or otherwise participate in bidding in any auction.4) As part of the qualifi
26.09.04.11.htm 26.09.04.11. 11 Audit and Certification.. The Department shall assign a designee to observe the conduct and outcome of each auction and to issue a report to the Committee.
26.09.04.12.htm 26.09.04.12. 12 Antideceptive Practices.. It is unlawful for a bidder to use or employ any manipulative, misleading, or deceptive practice in connection with its qualification application or purchase of allowances from the Department, including but not limited to any practice that is in contravention of any applicable federal or state law or regulation, this subtitle, and rules and regulations the Maryland Public Service Commission may prescribe as necessary or appropriate in the public
26.09.04.13.htm 26.09.04.13. 13 Transfer of CO2 Allowances.. Upon receipt and approval by the Committee of the report provided under Regulation .10 of this chapter and upon payment in full of purchased allowances by the successful bidder, the Department shall transfer or have transferred the corresponding CO2 allowances from the Account to the successful bidder's compliance or general account.
26.09.04.14.htm 26.09.04.14. 14 Publication of Results.. The Department shall publish on the CO2 allowance auction website the auction clearing price and the number of allowances purchased by a successful bidder through the auction.
26.09.04.9999.htm 26.09.04.9999. Administrative History Effective date:. Regulations .01―13 adopted as an emergency provision effective April 4, 2008 (35:9 Md. R. 895) adopted permanently effective August 25, 2008 (35:17 Md. R. 1490)Regulation .02C amended effective August 6, 2012 (39:15 Md. R. 964). Regulation .03B amended as an emergency provision effective December 28, 2009 (37:4 Md. R. 336) amended permanently effective May 3, 2010 (37:9 Md. R. 674)
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