Section 125-O:21 Carbon Dioxide Emissions Budget Trading Program.
I. The department shall establish and enforce a CO2 emissions budget trading program consistent with this subdivision that shall be in substantial accordance with the RGGI program.
II. The program shall include a statewide annual budget allowance of 8,620,460 tons during the years 2009 through 2014. Beginning January 1, 2015 and ending December 31, 2018, the budget shall decline by 215,512 tons per year, resulting in a 10 percent total reduction from the initial budget, after which it shall remain unchanged until further legislative action.
III. The department shall make available for sale at one or more auctions all of the budget allowances for a given year, except for those granted or reserved under RSA 125-O:22, VI, 125-O:24, and 125-O:25. The department may also make available for sale at one or more auctions a portion of future year budget allowances. Such auctions may be conducted in coordination with other states. Revenues from the sale of allowances shall be deposited in the greenhouse gas emissions reduction fund established under RSA 125-O:23.
IV. The department shall grant to affected CO2 sources early reduction allowances, at no cost, for projects eligible to receive such allowances.
V. The department shall grant offset allowances to owners of eligible offset projects located in New Hampshire.
VI. The department and the commission shall report on an annual basis to the air pollution advisory committee under RSA 125-J:11 and the legislative oversight committee on electric utility restructuring under RSA 374-F:5, on the status of the implementation of RGGI in New Hampshire, with emphasis on the prices and availability of RGGI allowances to affected CO2 sources and the trends in electric rates for New Hampshire businesses and ratepayers. The report shall include but not be limited to:
(a) The number of allowances sold in the RGGI program and the type of entities purchasing allowances;
(b) The number of unsold allowances in the RGGI program;
(c) The available price data of allowances from the regional auction and secondary markets;
(d) Market monitoring reports;
(e) The CO2 emissions by affected source, state, and RGGI region;
(f) The spending of revenues from auction allowances by each RGGI state; and
(g) The allocation and spending of the greenhouse gas emissions reduction fund, including associated energy savings and emissions reductions.
(h) The status of any proposed or adopted federal CO2 cap and trade program, the impact on New Hampshire's RGGI program, and recommendations for any proposed legislation necessary to accommodate the federal program.
VII. The department may establish and enforce the CO2 emissions budget trading program in cooperation and coordination with other states or countries that are participating in regional, national or international CO2 emissions trading programs with the same or similar purpose including:
(a) Entering into any agreement or arrangement with the representatives of other states, including the formation of a for-profit or non-profit corporation, any form of association or any other form of organization, in this or another state; and
(b) Participating in any such corporation, association, or organization, and in any activity in furtherance of the purposes of this subdivision, in any capacity including, but not limited to, as directors or officers.
VIII. Any actions taken under this subdivision by the department or the commission shall not constitute a waiver of sovereign immunity and shall not be deemed consent to suit outside of New Hampshire.
Source. 2008, 182:2, eff. June 11, 2008.