Don't show this message again
42 U.S. Code § 7651o. Contingency guarantee, auctions, reserve
(a) DefinitionsFor purposes of this section—
(1)
The term “independent power producer” means any person who owns or operates, in whole or in part, one or more new independent power production facilities.
(2) The term “new independent power production facility” means a facility that—
(A)
is used for the generation of electric energy, 80 percent or more of which is sold at wholesale;
(B)
is nonrecourse project-financed (as such term is defined by the Secretary of Energy within 3 months of November 15, 1990);
(C)
does not generate electric energy sold to any affiliate (as defined in section 79b(a)(11) [1] of title 15) of the facility’s owner or operator unless the owner or operator of the facility demonstrates that it cannot obtain allowances from the affiliate; and
(D)
is a new unit required to hold allowances under this subchapter.
(3)
The term “required allowances” means the allowances required to operate such unit for so much of the unit’s useful life as occurs after January 1, 2000.
(b) Special reserve of allowancesWithin 36 months after November 15, 1990, the Administrator shall promulgate regulations establishing a Special Allowance Reserve containing allowances to be sold under this section. For purposes of establishing the Special Allowance Reserve, the Administrator shall withhold—
(1)
2.8 percent of the allocation of allowances for each year from 1995 through 1999 inclusive; and
(2)
2.8 percent of the basic Phase II allowance allocation of allowances for each year beginning in the year 2000
which would (but for this subsection) be issued for each affected unit at an affected source. The Administrator shall record such withholding for purposes of transferring the proceeds of the allowance sales under this subsection. The allowances so withheld shall be deposited in the Reserve under this section.