[Federal Register Volume 61, Number 70 (Wednesday, April 10, 1996)] [Notices] [Pages 15934-15939] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 96-8924] ======================================================================= ----------------------------------------------------------------------- ENVIRONMENTAL PROTECTION AGENCY [FRL-5456-8] Clean Air Act; Acid Rain Provisions AGENCY: Environmental Protection Agency. ACTION: Notice of the 1996 EPA SO2 allowance auctions results. ----------------------------------------------------------------------- SUMMARY: Pursuant to Title IV of the Clean Air Act and 40 CFR Part 73, the EPA is responsible for implementing a program to reduce emissions of sulfur dioxide (SO 2), a precursor of acid rain. The centerpiece of the SO 2 control program is the allocation of transferable allowances, or authorizations to emit SO 2, which are distributed in limited quantities to existing utility units and which eventually must be held by virtually all utility units to cover their SO 2 emissions. These allowances may be transferred among polluting sources and others, so that market forces may govern their ultimate use and distribution, resulting in the most cost-effective sharing of the emissions control burden. EPA is directed under Section 416 of the Act to conduct annual sales and auctions of a small portion of allowances (2.8%) withheld from the total allowances allocated to utilities each year. Sales and auctions are expected to stimulate and support the allowance market and to provide a public source of allowances, particularly to new units for which no allowances are allocated. In the Fall of 1992, EPA delegated the administration of the EPA allowance auctions and sales to the Chicago Board of Trade (CBOT). Today, the Acid Rain Division is giving notice of the results of the fourth annual SO 2 allowance auctions that were conducted by the CBOT on March 25, 1996. For rules governing the conduct of the auctions and sales see 40 CFR Part 73, Subpart E. I. Offers A. Total Allowances Available for Auction In the spot auction (year 1996 allowances sold), a total of 158,000 allowances were offered for sale: 150,000 that were withheld from the utilities and an additional 8,000 that were voluntarily contributed from utilities. In the 6-year advance auction (year 2002 allowances sold), a total of 32,000 allowances were offered for sale: 25,000 that were unsold from the 1995 direct sale and an additional 7,000 that were contributed from utilities. In the 7-year advance auction (year 2003 allowances sold), a total of 107,000 allowances were offered for sale: 100,000 that were withheld from the utilities and an additional 7,000 that were contributed. The minimum prices that utilities would accept for their contributed allowances are listed in Table 1. Table 1.--1996 Auction Offers (Spot) ------------------------------------------------------------------------ Cumulative Minimum price* Quantity total ------------------------------------------------------------------------ $75............................................... 600 600 80................................................ 600 1,200 100............................................... 600 1,800 120............................................... 600 2,400 125............................................... 600 3,000 150............................................... 2,500 5,500 150............................................... 2,500 8,000 ------------------------------------------------------------------------ *No offers were sold in the 1996 Auction (Spot). 2002 Auction Offers (6 Year Advance) ------------------------------------------------------------------------ Cumulative Minimum price* Quantity total ------------------------------------------------------------------------ $75............................................... 400 400 80................................................ 400 800 100............................................... 400 1,200 120............................................... 400 1,600 125............................................... 400 2,000 199............................................... 5,000 7,000 ------------------------------------------------------------------------ *No offers were sold in the 2002 Auction (Six Year Advance). 2003 Auction Offers (7 Year Advance) ------------------------------------------------------------------------ Cumulative Minimum price* Quantity total ------------------------------------------------------------------------ $75............................................... 400 400 80................................................ 400 800 100............................................... 400 1,200 120............................................... 400 1,600 125............................................... 400 2,000 199............................................... 5,000 7,000 ------------------------------------------------------------------------ *No offers were sold in the 2003 Auction (Seven Year Advance). II. Bids A. 1996 Spot Auction Results CBOT received 139 bids requesting 911,735 year 1996 allowances. 47 bids were successful and 150,000 allowances were sold. No contributed allowances to the spot auction were sold. Spot auction proceeds totaled $10,221,536.89. Per EPA regulations, unsuccessful bidder's names are not revealed. Table 2.--Spot Auction Bids (1995) ---------------------------------------------------------------------------------------------------------------- Cumulative Bids Quantity Bidder's name total ---------------------------------------------------------------------------------------------------------------- $300.00.............................. 1 New England School of Law--Environmental Law 1 Society. 200.00............................... 1 Thomas M. Cooley Environmental Law Society....... 2 175.00............................... 4 University of Michigan Environmental Law Society. 6 175.00............................... 1 University of Minnesota Environmental Law Society 7 160.00............................... 1 CUNY Environmental Law Students Association...... 8 151.88............................... 1 Valparaiso University School of Law.............. 9 [[Page 15935]] 135.00............................... 1 William D. Watson................................ 10 130.00............................... 1 CUNY Environmental Law Students Association...... 11 125.00............................... 2 Catholic University Environmental Law Society.... 13 105.00............................... 1 James M. Parker.................................. 14 91.00................................ 1 Westerfield & Associates......................... 15 85.47................................ 3 Renee Rico....................................... 18 80.00................................ 3 Donald B. Benson................................. 21 80.00................................ 16 Acid Rain Retirement Fund........................ 37 77.02................................ 1 University of Maryland School of Law............. 38 76.02................................ 1 University of Maryland School of Law............. 39 75.02................................ 1 University of Maryland School of Law............. 40 75.02................................ 1 University of Maryland School of Law............. 41 74.02................................ 1 University of Maryland School of Law............. 42 73.02................................ 1 University of Maryland School of Law............. 43 73.02................................ 1 University of Maryland School of Law............. 44 72.02................................ 1 University of Maryland School of Law............. 45 70.83................................ 24 Laurel Hill Works................................ 69 70.06................................ 11,500 AIG Trading Corporation.......................... 11,569 70.01................................ 292 IN.H.A.L.E./Glens Falls Middle School, Glens 11,861 Falls, NY. 70.01................................ 15,000 Enron Power Marketing, Inc....................... 26,861 70.00................................ 4 IN.H.A.L.E./Lower Dauphin Ecology Club at Lower 26,865 Dauphin High School. 70.00................................ 11 IN.H.A.L.E./Schenectady Schools (Woodlawn, Paige, 26,876 and MLK Magnet School). 70.00................................ 2 IN.H.A.L.E./Wheatley School Environmental Action 26,878 Committee--Westbury, NY. 70.00................................ 2 IN.H.A.L.E./Solebury Environmental Science Class-- 26,880 Ottsville, PA. 70.00................................ 2 IN.H.A.L.E./Elizabeth High School--Elizabeth, NJ. 26,882 70.00................................ 4 IN.H.A.L.E./Combination of National Schools and 26,886 Community Organizations. 70.00................................ 3 National Healthy Air License Exchange............ 26,889 70.00................................ 4 National Healthy Air License Exchange............ 26,893 69.05................................ 25,000 Enron Power Marketing, Inc....................... 51,893 69.00................................ 4,725 Cantor Fitzgerald Brokerage, L.P................. 56,618 68.11................................ 3,000 Detroit Edison Company........................... 59,618 68.05................................ 25,000 Enron Power Marketing, Inc....................... 84,618 68.00................................ 130 National Healthy Air License Exchange............ 84,748 67.55................................ 9,030 Enron Power Marketing, Inc....................... 93,778 67.50................................ 5,000 Cantor Fitzgerald Brokerage, LP.................. 98,778 67.13................................ 10,000 Allegheny Power System........................... 108,778 67.11................................ 3,000 Detroit Edison Company........................... 111,778 67.05................................ 25,000 Enron Power Marketing, Inc....................... 136,778 66.11................................ 3,000 Detroit Edison Company........................... 139,778 66.05................................ 2,000 Kerr-McGee Coal Corporation...................... 141,778 66.05*............................... **25,000 Enron Power Marketing, Inc....................... 166,778 66.00................................ 2,500 ............................................... 169,278 66.00................................ 130 ............................................... 169,408 66.00................................ 5,000 ............................................... 174,408 65.55................................ 25,000 ............................................... 199,408 65.11................................ 3,000 ............................................... 202,408 65.00................................ 8,000 ............................................... 210,408 64.50................................ 5,000 ............................................... 215,408 64.11................................ 3,000 ............................................... 218,408 64.00................................ 76 ............................................... 218,484 64.00................................ 25,000 ............................................... 243,484 63.40................................ 5,000 ............................................... 248,484 63.13................................ 1,000 ............................................... 249,484 63.00................................ 5,000 ............................................... 254,484 63.00................................ 500 ............................................... 254,984 62.63................................ 10,000 ............................................... 264,984 62.13................................ 1,000 ............................................... 265,984 62.07................................ 2,000 ............................................... 267,984 62.00................................ 32,000 ............................................... 299,984 61.25................................ 5,000 ............................................... 304,984 61.13................................ 1,000 ............................................... 305,984 61.10................................ 10,000 ............................................... 315,984 61.00................................ 6,000 ............................................... 321,984 61.00................................ 500 ............................................... 322,484 60.57................................ 5,000 ............................................... 327,484 60.13................................ 1,000 ............................................... 328,484 60.11................................ 1,000 ............................................... 329,484 60.11................................ 5,000 ............................................... 334,484 60.11................................ 5,000 ............................................... 339,484 60.00................................ 6,000 ............................................... 345,484 60.00................................ 1,000 ............................................... 346,484 [[Page 15936]] 59.75................................ 1,500 ............................................... 347,984 59.13................................ 1,000 ............................................... 348,984 59.11................................ 1,500 ............................................... 350,484 59.07................................ 8,000 ............................................... 358,484 59.00................................ 56,000 ............................................... 414,484 59.00................................ 6,000 ............................................... 420,484 59.00................................ 1,500 ............................................... 421,984 58.13................................ 10,000 ............................................... 431,984 58.13................................ 1,000 ............................................... 432,984 58.11................................ 2,000 ............................................... 434,984 58.00................................ 5,000 ............................................... 439,984 58.00................................ 1,500 ............................................... 441,484 57.57................................ 10,000 ............................................... 451,484 57.13................................ 1,000 ............................................... 452,484 57.11................................ 2,500 ............................................... 454,984 57.00................................ 47,000 ............................................... 501,984 57.00................................ 5,000 ............................................... 506,984 57.00................................ 2,500 ............................................... 509,484 56.13................................ 1,000 ............................................... 510,484 56.11................................ 3,000 ............................................... 513,484 56.10................................ 5,000 ............................................... 518,484 56.00................................ 5,000 ............................................... 523,484 55.13................................ 1,000 ............................................... 524,484 55.11................................ 3,500 ............................................... 527,984 55.00................................ 5,000 ............................................... 532,984 54.13................................ 1,000 ............................................... 533,984 54.11................................ 4,000 ............................................... 537,984 54.00................................ 5,000 ............................................... 542,984 53.63................................ 10,000 ............................................... 552,984 53.11................................ 4,500 ............................................... 557,484 53.00................................ 5,000 ............................................... 562,484 52.11................................ 5,000 ............................................... 567,484 52.00................................ 3,000 ............................................... 570,484 52.00................................ 1,000 ............................................... 571,484 51.11................................ 6,000 ............................................... 577,484 51.10................................ 5,000 ............................................... 582,484 51.00................................ 3,000 ............................................... 585,484 50.57................................ 25,000 ............................................... 610,484 50.11................................ 7,000 ............................................... 617,484 50.11................................ 5,000 ............................................... 622,484 50.11................................ 5,000 ............................................... 627,484 50.00................................ 3,000 ............................................... 630,484 50.00................................ 500 ............................................... 630,984 49.11................................ 8,000 ............................................... 638,984 49.00................................ 3,000 ............................................... 641,984 48.11................................ 10,000 ............................................... 651,984 48.00................................ 2,500 ............................................... 654,484 48.00................................ 25,000 ............................................... 679,484 47.50................................ 11,750 ............................................... 691,234 47.11................................ 12,000 ............................................... 703,234 46.11................................ 15,000 ............................................... 718,234 45.59................................ 1 ............................................... 718,235 45.11................................ 15,500 ............................................... 733,735 45.01................................ 1,000 ............................................... 734,735 45.00................................ 50,000 ............................................... 784,735 44.11................................ 16,000 ............................................... 800,735 43.11................................ 16,500 ............................................... 817,235 42.11................................ 17,000 ............................................... 834,235 40.11................................ 12,500 ............................................... 846,735 40.11................................ 12,500 ............................................... 859,235 40.00................................ 50,000 ............................................... 909,235 39.00................................ 2,500 ............................................... 911,735 ---------------------------------------------------------------------------------------------------------------- * Per EPA auction regulations on breaking ties, bids at the same price that exceed the number of remaining allowances are awarded allowances by lottery, the result of which is reflected in the table. ** Awarded a partial fill of 8,222 out of 25,000 allowances. B. 2002 Advance Auction Results [[Page 15937]] CBOT received 34 bids requesting 148,026 year 2002 allowances. 9 bids were successful and 25,000 allowances were sold. 6-Year Advance auction proceeds totaled $1,633,985.86. Table 3--6-Year Advance Auction Bids (2000) ---------------------------------------------------------------------------------------------------------------- Cumulative Bids Quantity Bidder's name total ---------------------------------------------------------------------------------------------------------------- 150.00............................... 1 Environmental Law Society........................ 1 66.11................................ 3,000 Detroit Edison Company........................... 3,001 66.02................................ 5,000 Virginia Electric & Power Company................ 8,001 65.82................................ 2,000 Virginia Electric & Power Company................ 10,001 65.53................................ 2,000 Virginia Electric & Power Company................ 12,001 65.27................................ 4,000 Virginia Electric & Power Company................ 16,001 65.11................................ 3,000 Detroit Edison Company........................... 19,001 64.52................................ 4,000 Virginia Electric & Power Company................ 23,001 64.14................................ *3,025 Baltimore Gas and Electric Company............... 26,026 64.11................................ 3,000 ............................................... 29,026 63.81................................ 4,000 ............................................... 33,026 63.27................................ 4,000 ............................................... 37,026 63.11................................ 3,000 ............................................... 40,026 62.11................................ 3,000 ............................................... 43,026 60.00................................ 5,000 ............................................... 48,026 58.00................................ 10,000 ............................................... 58,026 55.00................................ 10,000 ............................................... 68,026 53.98................................ 1,000 ............................................... 69,026 52.98................................ 1,250 ............................................... 70,276 52.00................................ 20,000 ............................................... 90,276 51.98................................ 1,500 ............................................... 91,776 50.98................................ 1,750 ............................................... 93,526 49.98................................ 2,000 ............................................... 95,526 48.98................................ 2,250 ............................................... 97,776 47.98................................ 2,500 ............................................... 100,276 46.98................................ 2,750 ............................................... 103,026 45.98................................ 3,000 ............................................... 106,026 44.98................................ 3,250 ............................................... 109,276 43.96................................ 3,750 ............................................... 113,026 37.28................................ 10,000 ............................................... 123,026 34.78................................ 5,000 ............................................... 128,026 32.28................................ 5,000 ............................................... 133,026 29.78................................ 5,000 ............................................... 138,026 0.01................................. 10,000 ............................................... 148,026 ---------------------------------------------------------------------------------------------------------------- *Awarded a partial fill of 1,999 out of 3,025 allowances. C. 2003 Advance Auction Results CBOT received 92 bids requesting 404,634 year 2003 allowances. 25 bids were successful and 100,000 allowances were sold. 7-Year Advance auction proceeds totaled $6,421,245.11. Table 4.--7-Year Advance Auction Bids (2001) ---------------------------------------------------------------------------------------------------------------- Cumulative Bids Quantity Bidder's name total ---------------------------------------------------------------------------------------------------------------- $151.00.............................. 1 Pennsylvania Environmental Council............... 1 118.00............................... 1 Peter Zapfel..................................... 2 100.53............................... 500 Muscatine Power and Water Company................ 502 72.00................................ 10 Robert T. Stewart................................ 512 70.00................................ 15 Robert T. Stewart................................ 527 69.02................................ 1 University of Maryland School of Law............. 528 68.02................................ 1 University of Maryland School of Law............. 529 68.00................................ 20 Robert T. Stewart................................ 549 67.01................................ 300 Anne E. Kilkenny................................. 849 66.06................................ 10,000 AIG Trading Corporation.......................... 10,849 66.02................................ 1 University of Maryland School of Law............. 10,850 66.00................................ 20 Robert T. Stewart................................ 10,870 65.11................................ 3,000 Detroit Edison Company........................... 13,870 65.02................................ 10,000 Virginia Electric & Power Company................ 23,870 64.82................................ 2,000 Virginia Electric & Power Company................ 25,870 64.53................................ 4,000 Virginia Electric & Power Company................ 29,870 64.27................................ 6,000 Virginia Electric & Power Company................ 35,870 64.11................................ 3,000 Detroit Edison Company........................... 38,870 64.03................................ 8,000 Virginia Electric & Power Company................ 46,870 [[Page 15938]] 63.76................................ 10,000 Virginia Electric & Power Company................ 56,870 63.66................................ 2,575 Baltimore Gas and Electric Company............... 59,445 63.33................................ 12,000 Virginia Electric & Power Company................ 71,445 63.11................................ 3,000 Detroit Edison Company........................... 74,445 63.07................................ 14,000 Virginia Electric & Power Company................ 88,445 63.01................................ *15,000 Enron Power Marketing, Inc....................... 103,445 63.00................................ 20 ............................................... 103,465 62.76................................ 16,000 ............................................... 119,465 62.11................................ 3,000 ............................................... 122,465 62.10................................ 750 ............................................... 123,215 61.52................................ 18,000 ............................................... 141,215 61.11................................ 3,000 ............................................... 144,215 60.11................................ 800 ............................................... 145,015 60.11................................ 3,000 ............................................... 148,015 60.00................................ 15,000 ............................................... 163,015 60.00................................ 500 ............................................... 163,515 59.11................................ 3,500 ............................................... 167,015 59.00................................ 500 ............................................... 167,515 59.00................................ 20 ............................................... 167,535 59.00................................ 15,000 ............................................... 182,535 58.11................................ 3,500 ............................................... 186,035 58.03................................ 10,000 ............................................... 196,035 58.00................................ 500 ............................................... 196,535 57.42................................ 850 ............................................... 197,385 57.00................................ 500 ............................................... 197,885 56.00................................ 500 ............................................... 198,385 56.00................................ 10,000 ............................................... 208,385 55.30................................ 900 ............................................... 209,285 55.00................................ 500 ............................................... 209,785 54.00................................ 500 ............................................... 210,285 54.00................................ 25 ............................................... 210,310 53.00................................ 500 ............................................... 210,810 52.68................................ 950 ............................................... 211,760 52.00................................ 500 ............................................... 212,260 52.00................................ 10,000 ............................................... 222,260 51.67................................ 1,000 ............................................... 223,260 51.00................................ 428 ............................................... 223,688 50.67................................ 1,500 ............................................... 225,188 50.00................................ 20,000 ............................................... 245,188 49.72................................ 975 ............................................... 246,163 49.67................................ 2,000 ............................................... 248,163 48.67................................ 2,500 ............................................... 250,663 48.00................................ 25 ............................................... 250,688 47.67................................ 3,000 ............................................... 253,688 46.67................................ 3,500 ............................................... 257,188 45.82................................ 1,000 ............................................... 258,188 45.67................................ 4,000 ............................................... 262,188 44.67................................ 4,500 ............................................... 266,688 43.67................................ 5,000 ............................................... 271,688 42.67................................ 6,000 ............................................... 277,688 42.48................................ 1,100 ............................................... 278,788 41.67................................ 7,000 ............................................... 285,788 41.00................................ 30 ............................................... 285,818 40.67................................ 8,000 ............................................... 293,818 40.11................................ 7,500 ............................................... 301,318 40.11................................ 7,500 ............................................... 308,818 40.07................................ 1,200 ............................................... 310,018 39.67................................ 10,000 ............................................... 320,018 38.67................................ 12,000 ............................................... 332,018 37.89................................ 1,300 ............................................... 333,318 37.67................................ 15,000 ............................................... 348,318 36.65................................ 15,000 ............................................... 363,318 33.80................................ 10,000 ............................................... 373,318 33.00................................ 40 ............................................... 373,358 31.53................................ 10,000 ............................................... 383,358 29.27................................ 10,000 ............................................... 393,358 27.00................................ 10,000 ............................................... 403,358 24.00................................ 50 ............................................... 403,408 12.00................................ 100 ............................................... 403,508 11.00................................ 1 ............................................... 403,509 1.00................................. 1,000 ............................................... 404,509 [[Page 15939]] 1.00................................. 25 ............................................... 404,534 0.50................................. 100 ............................................... 404,634 ---------------------------------------------------------------------------------------------------------------- *Awarded a partial fill of 11,555 out of 15,000 allowances. FOR FURTHER INFORMATION CONTACT: Linda Reidt Critchfield, EPA/OAP/Acid Rain Division (6204J), 401 M Street SW., Washington, DC 20460, (202) 233-9087. Dated: April 4, 1996. Brian J. McLean, Director, Acid Rain Division. [FR Doc. 96-8924 Filed 4-9-96; 8:45 am] BILLING CODE 6560-50-P
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Clean Air Act; Acid Rain Provisions
Pursuant to Title IV of the Clean Air Act and 40 CFR Part 73, the EPA is responsible for implementing a program to reduce emissions of sulfur dioxide (SO<INF>2), a precursor of ...
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