Md. Code Regs. 26.09.04.05

Current through Register Vol. 51, No. 21, October 18, 2024

Section 26.09.04.05 - 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 consultation with the Committee.

D. Participation. The Department shall determine whether an auction will be an open auction or a closed auction.

E. Reserve Price. Before any auction, the Department may set a binding reserve price to be accepted for CO₂ allowances in the auction, which may or may not be disclosed to the public or to prospective bidders.

F. CO₂ allowances left unsold in any auction shall be transferred, in quantities and in a manner determined by the Department in consultation with the Committee, to:

(1) The CO₂ Allowance Contingency Account for future distribution to other accounts by the Department in consultation with the Committee;

(2) The Consumer Energy Efficiency Account for sale in subsequent auctions; or

(3) The CO₂ Allowance Retirement Account for permanent retirement.

Md. Code Regs. 26.09.04.05

Regulations .05 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 .05F amended effective August 6, 2012 (39:15 Md. R. 964)