[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]
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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.
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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 (SO2), a precursor of acid rain. The centerpiece
of the SO2 control program is the allocation of transferable
allowances, or authorizations to emit SO2, which are distributed
in limited quantities to existing utility units and which eventually
must be held by virtually all utility units to cover their SO2
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
SO2 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
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* 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
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*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
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*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
