Section 125-J:11-a Escrow Authority.
I. The commissioner, in consultation with the treasurer of the state of New Hampshire, may establish non-interest-bearing escrow accounts to facilitate the acquisition of ERCs, DERs, and other emissions reduction mechanisms. The commissioner shall maintain and publish, on or before January 1 and July 1 of each year, a list of all escrow accounts established, the balance of tons of each account, and the amount of moneys held within each account.
II. Escrow accounts may be used to satisfy the portion of any offset requirement that exceeds a ratio of 1:1 but shall not be used to satisfy the portion of any requirement which is less than or equal to 1:1. Escrow accounts may also be used to satisfy past-due RACT requirements, but the balance, in tons, in any such escrow account shall annually decrease by at least 20 percent of the original amount through the purchase of ERCs, DERs, or other emissions reduction mechanisms. The balance of any such escrow account shall be kept in tons, and the balance of each such account shall be increased by one percent at the end of each month.
III. The establishment, maintenance, operation, and termination of such escrow accounts shall be permitted in accordance with rules adopted by the commissioner pursuant to this chapter. The commissioner shall require that, at the end of each month, money shall be held within each such escrow account equal to at least 110 percent of the current market price per ton of ERCs, DERs, or other emissions reduction mechanisms times the balance, in tons, of that escrow account. Current market prices shall be determined by the commissioner.
Source. 1996, 230:9, eff. July 1, 1996.