STATEMENT TO

[First Reprint]

ASSEMBLY, No. 1212

with Senate Floor Amendments

(Proposed by Senator B. SMITH)

ADOPTED: FEBRUARY 26, 2018

      These floor amendments would:

      (1) clarify that the greenhouse gas emissions allowance trading program established by the Department of Environmental Protection must be consistent with the RGGI Model Rule and associated guidance documents, as opposed to the Memorandum of Understanding (MOU) signed by the governors of other states (the Model Rule replaced the MOU as the guiding document for RGGI participating states);

      (2) remove the requirement that the auction to convey allowances include the sale of allowances for future compliance periods (RGGI participating states have not offered the sale of future allowances since 2011);

      (3) remove the requirement that the auction to convey allowances include provisions to address and minimize  the potential for allowance market price volatility during the initial control period of a greenhouse gas emissions allowance trading program (this requirement no longer applies because RGGI has already completed three control periods); and

      (4) make other clarifying and technical changes.

      As amended, this bill is identical to the Senate Committee Substitute for Senate Bill Nos. 611 and 874, as also amended by the Senate.