New Hampshire Revised Statutes 125-O:16 – Economic Performance Incentives
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I. (a) The department shall issue to the owner early emissions reduction credits in the form of credits or fractions thereof for each pound of mercury or fraction thereof reduced below the baseline mercury emissions, on an annual basis, in the period prior to July 1, 2013. Ratios of early reductions credits to pounds of mercury reduced shall be as follows: 1.5 credits per pound reduced prior to July 1, 2008; 1.25 credits per pound for reductions between July 1, 2008 and December 31, 2010; and 1.1 credits per pound for reductions between January 1, 2011 and July 1, 2013.
(b) Reductions shall be calculated based upon the results of stack tests conducted, measurement by continuous emission monitoring, or other methodology approved by the department to confirm emissions during the time of operation of mercury reduction technology. Early emissions reduction credits may be banked by the owner or utilized after July 1, 2013 to meet the reduction requirement of N.H. Rev. Stat. § 125-O:13, II as allowed under N.H. Rev. Stat. § 125-O:13, VII. Early emissions reduction credits are not sellable or transferable to non-affected sources; however, upon the July 1, 2013 compliance date, the owner may request a one-for-one conversion of early emissions reduction credits to over-compliance credits.
(c) Should a federal rule applicable to mercury emissions at one or more of the affected sources be enacted with an implementation date prior to July 1, 2013, then early reduction credits may only be earned for emissions reductions that exceed the level required by the federal rule of the affected sources in aggregate or the baseline mercury emissions level, whichever is lower, at the same ratios listed in subparagraph (a).
(d) Early emissions reduction credits shall not be used for compliance with the requirement of N.H. Rev. Stat. § 125-O:13, II prior to the installation of scrubber technology, and shall not be used as a means to delay the installation of the scrubber technology.
II. (a) The department shall issue to the owner over-compliance credits in the form of credits or fractions thereof for each pound of mercury or fraction thereof reduced in excess of the emissions reduction requirement of N.H. Rev. Stat. § 125-O:13, II, on an annual basis, following the compliance date of July 1, 2013. The ratios of over-compliance credits to excess pounds of mercury reduced shall be as follows: 0.5 credits per pound reduced for reductions between 80 and 85 percent; 1 credit per pound reduced for reductions between 85 and 90 percent reduction; and 1.5 credits per pound reduced for reductions of 90 percent or greater. Over-compliance credits may be banked for future use. The requirements of N.H. Rev. Stat. § 125-O:13, V shall not alter the emissions levels at which over-compliance credits are earned.
(b) Should a federal rule applicable to mercury emissions at one or more of the affected sources be enacted, then over-compliance credits may only be earned for emissions reductions that exceed the level required by the federal rule of the affected sources in aggregate or the requirement of N.H. Rev. Stat. § 125-O:13, II, whichever is lower, at the same ratios listed in subparagraph (a).
(c) At the request of the owner of an affected source, over-compliance credits may be surrendered by the owner to the department and SO2 allowances shall be transferred to the owner at a rate of 55 tons SO2 allowances for every one over-compliance credit. Transfer shall be limited to a maximum of 20,000 total tons SO2 allowances transferred in a given year, defined as the sum of all SO2 allowances received by the affected sources under N.H. Rev. Stat. § 125-O:4, IV(a)(2) and IV(a)(3), and under this subparagraph. SO2 allowances shall be credited to the affected sources’ accounts in the following year in accordance with N.H. Rev. Stat. § 125-O:4, IV(a)(4).
(b) Reductions shall be calculated based upon the results of stack tests conducted, measurement by continuous emission monitoring, or other methodology approved by the department to confirm emissions during the time of operation of mercury reduction technology. Early emissions reduction credits may be banked by the owner or utilized after July 1, 2013 to meet the reduction requirement of N.H. Rev. Stat. § 125-O:13, II as allowed under N.H. Rev. Stat. § 125-O:13, VII. Early emissions reduction credits are not sellable or transferable to non-affected sources; however, upon the July 1, 2013 compliance date, the owner may request a one-for-one conversion of early emissions reduction credits to over-compliance credits.
Terms Used In New Hampshire Revised Statutes 125-O:16
- Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
(c) Should a federal rule applicable to mercury emissions at one or more of the affected sources be enacted with an implementation date prior to July 1, 2013, then early reduction credits may only be earned for emissions reductions that exceed the level required by the federal rule of the affected sources in aggregate or the baseline mercury emissions level, whichever is lower, at the same ratios listed in subparagraph (a).
(d) Early emissions reduction credits shall not be used for compliance with the requirement of N.H. Rev. Stat. § 125-O:13, II prior to the installation of scrubber technology, and shall not be used as a means to delay the installation of the scrubber technology.
II. (a) The department shall issue to the owner over-compliance credits in the form of credits or fractions thereof for each pound of mercury or fraction thereof reduced in excess of the emissions reduction requirement of N.H. Rev. Stat. § 125-O:13, II, on an annual basis, following the compliance date of July 1, 2013. The ratios of over-compliance credits to excess pounds of mercury reduced shall be as follows: 0.5 credits per pound reduced for reductions between 80 and 85 percent; 1 credit per pound reduced for reductions between 85 and 90 percent reduction; and 1.5 credits per pound reduced for reductions of 90 percent or greater. Over-compliance credits may be banked for future use. The requirements of N.H. Rev. Stat. § 125-O:13, V shall not alter the emissions levels at which over-compliance credits are earned.
(b) Should a federal rule applicable to mercury emissions at one or more of the affected sources be enacted, then over-compliance credits may only be earned for emissions reductions that exceed the level required by the federal rule of the affected sources in aggregate or the requirement of N.H. Rev. Stat. § 125-O:13, II, whichever is lower, at the same ratios listed in subparagraph (a).
(c) At the request of the owner of an affected source, over-compliance credits may be surrendered by the owner to the department and SO2 allowances shall be transferred to the owner at a rate of 55 tons SO2 allowances for every one over-compliance credit. Transfer shall be limited to a maximum of 20,000 total tons SO2 allowances transferred in a given year, defined as the sum of all SO2 allowances received by the affected sources under N.H. Rev. Stat. § 125-O:4, IV(a)(2) and IV(a)(3), and under this subparagraph. SO2 allowances shall be credited to the affected sources’ accounts in the following year in accordance with N.H. Rev. Stat. § 125-O:4, IV(a)(4).