[Federal Register Volume 59, Number 79 (Monday, April 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-9939]
[[Page Unknown]]
[Federal Register: April 25, 1994]
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ENVIRONMENTAL PROTECTION AGENCY
[FRL-4877-2]
Clean Air Act; Acid Rain Provisions
AGENCY: Environmental Protection Agency.
ACTION: Notice of the 1994 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 (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 second annual SO2 allowance auctions
that were conducted by the CBOT on March 28, 1994.
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 1995 allowances sold), a total of 108,001
allowances were offered for sale: 50,000 that were withheld from the
utilities and an additional 58,001 that were voluntarily contributed
from utilities. In the 6-year advance auction (year 2000 allowances
sold), a total of 75,000 allowances were offered for sale: 25,000 that
were unsold from the 1993 direct sale and an additional 50,000 that
were contributed from utilities. In the 7-year advance auction (year
2001 allowances sold), a total of 147,000 allowances were offered for
sale: 100,000 that were withheld from the utilities and an additional
47,000 that were contributed. The minimum prices that utilities would
accept for their contributed allowances are listed in Table 1.
Table 1.--Offer Data for the 1994 Auctions
------------------------------------------------------------------------
Cumulative
Offer Quantity total
------------------------------------------------------------------------
Spot Auction Offers (1995):
$165.00............................... 1 1
175.00................................ 600 601
190.00................................ 600 1,201
200.00................................ 5,000 6,201
205.00................................ 600 6,801
215.00................................ 600 7,401
220.00................................ 5,000 12,401
225.00................................ 600 13,001
225.00................................ 2,500 15,501
230.00................................ 2,500 18,001
550.00................................ 40,000 58,001
6-Year Allowance Auction Offers (2000):
* * *................................. *400 400
141.00................................ 1,000 1,400
145.00................................ 400 1,800
165.00................................ 400 2,200
185.00................................ 400 2,600
189.00................................ 1,000 3,600
199.00................................ 2,000 5,600
205.00................................ 400 6,000
224.00................................ 500 6,500
224.00................................ 250 6,750
224.00................................ 250 7,000
299.00................................ 2,000 9,000
399.00................................ 1,000 10,000
550.00................................ 19,208 29,208
550.00................................ 20,792 50,000
7-Year Allowance Auction Offers (2001):
* * *................................. **400 400
* * *................................. **400 800
160.00................................ 400 1,200
180.00................................ 400 1,600
199.00................................ 2,000 3,600
200.00................................ 400 4,000
299.00................................ 2,000 6,000
399.00................................ 1,000 7,000
550.00................................ 20,792 27,792
550.00................................ 19,208 47,000
------------------------------------------------------------------------
* 400 allowances with offer prices equal to or less than $140.00 were
sold at $140.00.
** 800 allowances with offer prices equal to or less than $140.00 were
sold at $140.00.
II. Bids
A. Spot Auction Results
CBOT received 103 bids requesting 294,354 year 1995 allowances. 37
bids were successful and 50,000 allowances were sold. No contributed
allowances were sold in the spot auction. Spot auction proceeds totaled
$7,944,328.
Per EPA regulations, unsuccessful bidders' names are not revealed.
Table 2.--Spot Auction Bids (1995)
----------------------------------------------------------------------------------------------------------------
Cumulative
Bid Quantity Bidder's name total
----------------------------------------------------------------------------------------------------------------
$400.00......... 2 TV Nation..................................................... 2
201.00.......... 1 Cliff Hamal................................................... 3
200.00.......... 1 Nathan Hartman................................................ 4
200.00.......... 1 Univ. of Maryland School of Law............................... 5
177.00.......... 129 Cantor Fitzgerald............................................. 134
174.00.......... 333 Cantor Fitzgerald............................................. 467
171.00.......... 333 Cantor Fitzgerald............................................. 800
171.00.......... 50 Cleveland Electric Illuminating Co............................ 850
171.00.......... 500 Wholesale Power Services, Inc................................. 1,350
170.00.......... 41 Mark Battaglia................................................ 1,391
170.00.......... 9,000 American Municipal Power--Ohio Inc............................ 10,391
168.00.......... 333 Cantor Fitzgerald............................................. 10,724
167.00.......... 9 L. J. O'Callaghan, Sr......................................... 10,733
166.00.......... 50 Cleveland Electric Illuminating Co............................ 10,783
166.00.......... 500 Wholesale Power Services, Inc................................. 11,283
165.00.......... 340 Cantor Fitzgerald............................................. 11,623
163.00.......... 9,000 American Municipal Power--Ohio Inc............................ 20,623
161.00.......... 150 Cleveland Electric Illuminating Co............................ 20,773
161.00.......... 3,000 Tampa Electric Company........................................ 23,773
161.00.......... 500 Wholesale Power Services, Inc................................. 24,273
160.00.......... 12 CATEX Vitol Electric Inc...................................... 24,285
159.00.......... 1 Myles R. O'Kelly.............................................. 24,286
158.00.......... 333 Cantor Fitzgerald............................................. 24,619
158.00.......... 3,000 Tampa Electric Company........................................ 27,619
157.00.......... 11 L. J. O'Callaghan, Sr......................................... 27,630
157.00.......... 446 Gulf Power Company............................................ 28,076
156.00.......... 150 Cleveland Electric Illuminating Co............................ 28,226
156.00.......... 3,000 Tampa Electric Company........................................ 31,226
156.00.......... 500 Wholesale Power Services, Inc................................. 31,726
151.00.......... 150 Cleveland Electric Illuminating Co............................ 31,876
151.00.......... 3,000 Tampa Electric Company........................................ 34,876
151.00.......... 600 Wholesale Power Services, Inc................................. 35,476
150.00.......... 1,500 Marine Coal Sales Company..................................... 36,976
150.00*......... 12 CATEX Vitol Electric Inc...................................... 36,988
150.00*......... 46 Mark Battaglia................................................ 37,034
150.00*......... 20 Phil Jensen................................................... 37,054
150.00*......... **40,000 Allowance Holdings Corporation................................ 77,054
-----------------
150.00*......... 500 .............................................................. 77,554
150.00*......... 3,000 .............................................................. 80,554
147.00.......... 12 .............................................................. 80,566
147.00.......... 1,000 .............................................................. 81,566
146.00.......... 150 .............................................................. 81,716
146.00.......... 1,000 .............................................................. 82,716
146.00.......... 3,000 .............................................................. 85,716
145.00.......... 5,000 .............................................................. 90,716
145.00.......... 2,000 .............................................................. 92,716
145.00.......... 1,000 .............................................................. 93,716
144.00.......... 1,500 .............................................................. 95,216
144.00.......... 137 .............................................................. 95,353
143.00.......... 1,500 .............................................................. 96,853
142.00.......... 1,500 .............................................................. 98,353
142.00.......... 7,000 .............................................................. 105,353
141.00.......... 100 .............................................................. 105,453
141.00.......... 1,500 .............................................................. 106,953
141.00.......... 275 .............................................................. 107,228
140.00.......... 2,000 .............................................................. 109,228
140.00.......... 12 .............................................................. 109,240
140.00.......... 1,500 .............................................................. 110,740
139.00.......... 2,000 .............................................................. 112,740
138.00.......... 1,429 .............................................................. 114,169
138.00.......... 2,000 .............................................................. 116,169
138.00.......... 550 .............................................................. 116,719
137.00.......... 2,000 .............................................................. 118,719
136.00.......... 100 .............................................................. 118,819
136.00.......... 2,000 .............................................................. 120,819
135.00.......... 52 .............................................................. 120,871
135.00.......... 1,000 .............................................................. 121,871
135.00.......... 2,000 .............................................................. 123,871
135.00.......... 688 .............................................................. 124,559
134.00.......... 2,000 .............................................................. 126,559
133.00.......... 4,571 .............................................................. 131,130
133.00.......... 2,000 .............................................................. 133,130
132.00.......... 2,500 .............................................................. 135,630
132.00.......... 1,100 .............................................................. 136,730
131.00.......... 100 .............................................................. 136,830
131.00.......... 2,500 .............................................................. 139,330
131.00.......... 3,500 .............................................................. 142,830
130.00.......... 12 .............................................................. 142,842
130.00.......... 2,500 .............................................................. 145,342
129.00.......... 2,500 .............................................................. 147,842
129.00.......... 1,650 .............................................................. 149,492
128.00.......... 10,500 .............................................................. 159,992
128.00.......... 2,500 .............................................................. 162,492
127.00.......... 2,500 .............................................................. 164,992
126.00.......... 2,500 .............................................................. 167,492
126.00.......... 2,475 .............................................................. 169,967
125.00.......... 2,500 .............................................................. 172,467
124.00.......... 10,000 .............................................................. 182,467
124.00.......... 2,500 .............................................................. 184,967
123.00.......... 14,500 .............................................................. 199,467
123.00.......... 3,000 .............................................................. 202,467
123.00.......... 9,625 .............................................................. 212,092
120.00.......... 12 .............................................................. 212,104
118.00.......... 10,000 .............................................................. 222,104
114.00.......... 10,000 .............................................................. 232,104
113.00.......... 6,000 .............................................................. 238,104
108.00.......... 3,000 .............................................................. 241,104
104.00.......... 10,000 .............................................................. 251,104
94.00........... 10,000 .............................................................. 261,104
50.00........... 4,000 .............................................................. 265,104
50.00........... 5,000 .............................................................. 270,104
50.00........... 11,750 .............................................................. 281,854
24.00........... 12,500 .............................................................. 294,354
----------------------------------------------------------------------------------------------------------------
*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 12,946 out of 40,000.
B. 6-Year Advance Auction Results
CBOT received 70 bids requesting 110,489 year 2000 allowances. 10
bids were successful and 25,400 allowances were sold (25,000 withheld
and 400 contributed). 6-Year advance auction proceeds totaled
$3,767,628.
Table 3.--6-Year Advance Auction Bids (2000)
----------------------------------------------------------------------------------------------------------------
Cumulative
Bid Quantity Bidder's name total
----------------------------------------------------------------------------------------------------------------
$150.00......... 20,000 Allowance Holdings Corporation................................ 20,000
145.00.......... 1,000 Cantor Fitzgerald............................................. 21,000
144.00.......... 38 SCANA Corporation............................................. 21,038
143.00.......... 1,000 Duke Power Company............................................ 22,038
142.00.......... 1,000 Duke Power Company............................................ 23,038
141.00.......... 1 Myles R. O'Kelly.............................................. 23,039
141.00.......... 1,000 Duke Power Company............................................ 24,039
141.00.......... 75 SCANA Corporation............................................. 24,114
141.00.......... 400 United Power Association...................................... 24,514
140.00*......... **1,500 Duke Power Company............................................ 26,014
-----------------
140.00*......... 1 .............................................................. 26,015
140.00*......... 1,000 .............................................................. 27,015
139.00.......... 1,500 .............................................................. 28,515
139.00.......... 177 .............................................................. 28,692
138.00.......... 714 .............................................................. 29,406
138.00.......... 1,500 .............................................................. 30,906
138.00.......... 150 .............................................................. 31,056
137.00.......... 1,500 .............................................................. 32,556
136.00.......... 2,000 .............................................................. 34,556
136.00.......... 400 .............................................................. 34,956
135.00.......... 1,000 .............................................................. 35,956
135.00.......... 2,000 .............................................................. 37,956
135.00.......... 187 .............................................................. 38,143
134.00.......... 2,000 .............................................................. 40,143
133.00.......... 2,286 .............................................................. 42,429
133.00.......... 2,000 .............................................................. 44,429
132.00.......... 2,000 .............................................................. 46,429
132.00.......... 300 .............................................................. 46,729
131.00.......... 3,000 .............................................................. 49,729
131.00.......... 1,500 .............................................................. 51,229
131.00.......... 500 .............................................................. 51,729
130.00.......... 12 .............................................................. 51,741
130.00.......... 3,000 .............................................................. 54,741
129.00.......... 450 .............................................................. 55,191
128.00.......... 75 .............................................................. 55,266
128.00.......... 5,250 .............................................................. 60,516
127.00.......... 1,750 .............................................................. 62,266
126.00.......... 100 .............................................................. 62,366
126.00.......... 675 .............................................................. 63,041
126.00.......... 100 .............................................................. 63,141
125.00.......... 125 .............................................................. 63,266
123.00.......... 7,250 .............................................................. 70,516
123.00.......... 2,625 .............................................................. 73,141
123.00.......... 500 .............................................................. 73,641
122.00.......... 100 .............................................................. 73,741
122.00.......... 1,550 .............................................................. 75,291
121.00.......... 350 .............................................................. 75,641
121.00.......... 100 .............................................................. 75,741
120.00.......... 12 .............................................................. 75,753
119.00.......... 100 .............................................................. 75,853
118.00.......... 5,000 .............................................................. 80,853
117.00.......... 1,250 .............................................................. 82,103
116.00.......... 300 .............................................................. 82,403
116.00.......... 100 .............................................................. 82,503
113.00.......... 3,000 .............................................................. 85,503
112.00.......... 850 .............................................................. 86,353
111.00.......... 300 .............................................................. 86,653
111.00.......... 100 .............................................................. 86,753
110.00.......... 12 .............................................................. 86,765
108.00.......... 1,500 .............................................................. 88,265
106.00.......... 850 .............................................................. 89,115
100.00.......... 12 .............................................................. 89,127
99.00........... 850 .............................................................. 89,977
94.00........... 400 .............................................................. 90,377
90.00........... 12 .............................................................. 90,389
87.00........... 5,000 .............................................................. 95,389
77.00........... 5,000 .............................................................. 100,389
67.00........... 5,000 .............................................................. 105,389
62.00........... 100 .............................................................. 105,489
57.00........... 5,000 .............................................................. 110,489
----------------------------------------------------------------------------------------------------------------
* 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 486 out of 1,500, plus 400 offered allowances.
C. 7-Year Advance Auction Results
CBOT received 111 bids requesting 489,399 year 2001 allowances. 19
bids were successful and 100,800 allowances were sold (100,000 withheld
and 800 contributed). 7-Year advance auction proceeds totaled
$15,051,330.
Table 4.--7-Year Advance Auction Bids (2001)
----------------------------------------------------------------------------------------------------------------
Cumulative
Bid Quantity Bidder's name total
----------------------------------------------------------------------------------------------------------------
$250.00......... 5 Dan Peterman.................................................. 5
200.00.......... 5 Robert T. Stewart............................................. 10
200.00.......... 1 Electric Generation Association............................... 11
175.00.......... 5 Robert T. Stewart............................................. 16
159.00.......... 10 Orlando Utilities Commission.................................. 26
154.00.......... 325 Paul Wedel.................................................... 351
154.00.......... 25 Orlando Utilities Commission.................................. 376
150.00.......... 10 Robert T. Stewart............................................. 386
150.00.......... 90,000 Allowance Holdings Corporation................................ 90,386
149.00.......... 40 Orlando Utilities Commission.................................. 90,426
145.00.......... 5 Robert T. Stewart............................................. 90,431
145.00.......... 5,000 American Electric Power Service............................... 95,431
145.00.......... 500 Cantor Fitzgerald............................................. 95,931
144.00.......... 55 Orlando Utilities Commission.................................. 95,986
144.00.......... 325 SCANA Corporation............................................. 96,311
142.00.......... 1,000 Duke Power Company............................................ 97,311
141.00.......... 1,000 Duke Power Company............................................ 98,311
141.00.......... 650 SCANA Corporation............................................. 98,961
140.00.......... *10,000 The Cincinnati Gas & Electric Co.............................. 108,961
-----------------
140.00.......... 500 .............................................................. 109,461
140.00.......... 1,000 .............................................................. 110,461
140.00.......... 1 .............................................................. 110,462
139.00.......... 1,500 .............................................................. 111,962
139.00.......... 709 .............................................................. 112,671
139.00.......... 70 .............................................................. 112,741
138.00.......... 2,857 .............................................................. 115,598
138.00.......... 2,335 .............................................................. 117,933
138.00.......... 1,500 .............................................................. 119,433
138.00.......... 1,300 .............................................................. 120,733
137.00.......... 50 .............................................................. 120,783
137.00.......... 1,500 .............................................................. 122,283
136.00.......... 1,500 .............................................................. 123,783
136.00.......... 600 .............................................................. 124,383
135.00.......... 5 .............................................................. 124,388
135.00.......... 1,700 .............................................................. 126,088
135.00.......... 2,000 .............................................................. 128,088
135.00.......... 1,625 .............................................................. 129,713
134.00.......... 2,000 .............................................................. 131,713
134.00.......... 85 .............................................................. 131,798
133.00.......... 9,143 .............................................................. 140,941
133.00.......... 2,000 .............................................................. 142,941
132.00.......... 2,925 .............................................................. 145,866
132.00.......... 2,000 .............................................................. 147,866
132.00.......... 2,600 .............................................................. 150,466
131.00.......... 2,000 .............................................................. 152,466
131.00.......... 700 .............................................................. 153,166
130.00.......... 5 .............................................................. 153,171
130.00.......... 2,000 .............................................................. 155,171
129.00.......... 2,500 .............................................................. 157,671
129.00.......... 100 .............................................................. 157,771
129.00.......... 3,900 .............................................................. 161,671
128.00.......... 75 .............................................................. 161,746
128.00.......... 21,000 .............................................................. 182,746
128.00.......... 2,500 .............................................................. 185,246
127.00.......... 2,500 .............................................................. 187,746
126.00.......... 2,500 .............................................................. 190,246
126.00.......... 5,850 .............................................................. 196,096
126.00.......... 800 .............................................................. 196,896
125.00.......... 10 .............................................................. 196,906
125.00.......... 125 .............................................................. 197,031
125.00.......... 2,500 .............................................................. 199,531
125.00.......... 20,000 .............................................................. 219,531
124.00.......... 2,500 .............................................................. 222,031
124.00.......... 138 .............................................................. 222,169
124.00.......... 6,000 .............................................................. 228,169
123.00.......... 50 .............................................................. 228,219
123.00.......... 29,000 .............................................................. 257,219
123.00.......... 2,500 .............................................................. 259,719
123.00.......... 22,750 .............................................................. 282,469
122.00.......... 100 .............................................................. 282,569
122.00.......... 2,500 .............................................................. 285,069
121.00.......... 3,000 .............................................................. 288,069
121.00.......... 7,000 .............................................................. 295,069
121.00.......... 900 .............................................................. 295,969
120.00.......... 25 .............................................................. 295,994
120.00.......... 5 .............................................................. 295,999
120.00.......... 3,000 .............................................................. 298,999
119.00.......... 100 .............................................................. 299,099
119.00.......... 3,000 .............................................................. 302,099
118.00.......... 20,000 .............................................................. 322,099
118.00.......... 3,000 .............................................................. 325,099
117.00.......... 3,000 .............................................................. 328,099
116.00.......... 3,000 .............................................................. 331,099
116.00.......... 6,200 .............................................................. 337,299
115.00.......... 50 .............................................................. 337,349
115.00.......... 4,000 .............................................................. 341,349
114.00.......... 4,000 .............................................................. 345,349
113.00.......... 12,000 .............................................................. 357,349
113.00.......... 4,000 .............................................................. 361,349
113.00.......... 1,500 .............................................................. 362,849
112.00.......... 4,000 .............................................................. 366,849
111.00.......... 6,000 .............................................................. 372,849
111.00.......... 5,000 .............................................................. 377,849
110.00.......... 6,000 .............................................................. 383,849
109.00.......... 6,000 .............................................................. 389,849
108.00.......... 6,000 .............................................................. 395,849
108.00.......... 7,000 .............................................................. 402,849
106.00.......... 3,400 .............................................................. 406,249
101.00.......... 3,400 .............................................................. 409,649
100.00.......... 50 .............................................................. 409,699
100.00.......... 2,000 .............................................................. 411,699
94.00........... 3,400 .............................................................. 415,099
89.00........... 1,600 .............................................................. 416,699
82.00........... 15,000 .............................................................. 431,699
75.00........... 50 .............................................................. 431,749
72.00........... 15,000 .............................................................. 446,749
62.00........... 15,000 .............................................................. 461,749
61.00........... 100 .............................................................. 461,849
52.00........... 15,000 .............................................................. 476,849
50.00........... 50 .............................................................. 476,899
24.00........... 12,500 .............................................................. 489,399
----------------------------------------------------------------------------------------------------------------
*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 1,039 out of 10,000, plus 800 offered allowances.
Proceeds from all three auctions totaled $26,763,286, all of which
will be returned to the utilities from which allowances were withheld,
per EPA regulations.
FOR FURTHER INFORMATION CONTACT: Linda Reidt Critchfield, EPA/OAP/Acid
Rain Division (6204J), 401 M St., SW., Washington, DC 20460 (202) 233-
9087.
Date: April 13, 1994.
Brian J. McLean,
Director, Acid Rain Division.
[FR Doc. 94-9939 Filed 4-22-94; 8:45 am]
BILLING CODE 6560-50-P
