ENVIRONMENTAL PROTECTION
OFFICE OF AIR QUALITY MANAGEMENT
Open Market Emissions Trading

Proposed Repeal of Rules: N.J.A.C. 7:27-22.5, 30.7, and 30.20
Proposed New Rules: N.J.A.C. 7:27-8.28, 30.5, 30.7, 30.11, 30.17, 30.19, 30.20, 30.24, 30.25, 30.26, 30.27, 30.29
Proposed Amendments: N.J.A.C. 7:27-1.32, 8.1, 8.3, 8.4, 8.17, 8.20, 16.5, 16.17, 18.5, 18.11, 19.2, 19.6, 19.19, 19.20, 19.21, 19.23, 19.24, 19.25, 22.3, 22.18, 22.22, 30.1 through 30.4, 31.6, 30.8 through 30.10, 30.12 through 30.16, 30.18, 30.21 through 30.23, 30.28, 30.30, and 31.6; and N.J.A.C. 7:27A-3.10
Authority: N.J.S.A. 26:2C, especially 26:2C-8 and 26:2C-9.8
DEP Docket Number: 12-99-06/698
Public Hearing: Thursday, August 5, 1999, 10:00 a.m. at NJDEP Hearing Room, 401 East State Street, Trenton, New Jersey
Submit written comments by: Friday, August 20, 1999

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BACKGROUND:

The Department is proposing to amend the Department's Open Market Emissions Trading program rules at N.J.A.C. 7:27-30 and related rules at N.J.A.C. 7:27-1, 8, 16, 18, 19, 22 and N.J.A.C. 7:27A-3.10. These rules include the requirements to be followed by any person who participates in the Department's Open Market Emissions Trading Program. The Department is proposing to amend these rules in order to enhance and extend New Jersey's OMET program. The new rules and amendments would:

1.     Create additional opportunities for the generation of volatile organic compound (VOC) and nitrogen oxide (NOx) DER credits;

2.    Add new provisions for the generation and banking of greenhouse gas (GHG) credits;

3.    Allow additional uses of VOC and NOx DER credits (including "permit insurance" uses);

4.    Increase the portion of VOC and NOx DER credits that must be retired for the benefit of the environment from 10 percent to 20 percent for the new "permit insurance" uses;

5.    Allow the conversion of NOx Budget allowances and banked credits in the Emission Offset Program to DER credits;

6.    Reorganize the rule to make it easier to reference;

7.    Restate the required procedures for generating, transferring, verifying, voluntarily retiring and using credits in an enhanced "check list" format to make the rule easier to apply; and

8.    Provide new procedures for circumstances not addressed in the original OMET rule.

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