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Investor Presentaiton

V TABLE OF CONTENTS Page Introduction 1 Opinion Below 2 Jurisdiction........ 2 Statutory Provisions Involved 2 Statement. Summary Of Argument 2 12 Argument 14 I. Section 111 Does Not Vest EPA With Industry-Transforming, State-Displacing Power...... A. Congress Did Not Clearly Delegate to EPA Power to Tackle the Major Questions Inherent in Restructuring Full Industries 14 14 B. Congress Did Not Clearly Delegate to EPA Power to Upend Traditional State and Federal Roles 26 II. Section 111's Text and Context Require Source-Specific Regulation .31 A. Section 111(a)(1) Reveals A Source-Specific Focus 33 B. Other Parts Of Section 111 Confirm EPA's "Inside-the-Fenceline" Power. 38 C. The CAA As A Whole Confirms Section 111(d)'s Limited Scope.. 42
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