Investor Presentaiton

6 parts of the Act, and "the number of designated facilities per State should be few.” 40 Fed. Reg. at 53,345 (1975 regulations). Before 2015, EPA issued only seven Section 111(d) regulations in over 40 years. JA.75-76 (listing regulations). These rules concerned four localized pollutants from five source categories, 79 Fed. Reg. 34,830, 34,844 (June 18, 2014), and none was directed toward ubiquitous pollutants like carbon. Nor did EPA try to use Section 111(d) to regulate activities beyond a specific source's fenceline. The closest it came was one rule issued under multiple CAA provisions and another that succumbed to a court challenge on other grounds— both allowed trading as a compliance mechanism but grounded the substantive standards in what individual sources could achieve. 60 Fed. Reg. 65,387, 65,402 (Dec. 19, 1995); 70 Fed. Reg. 28,606, 28,616 (May 18, 2005), rule vacated by New Jersey v. EPA, 517 F.3d 574 (D.C. Cir. 2008). Congress gave little thought to Section 111(d), either. The House did not even propose to regulate existing sources in the original 1970 legislation. H.R. 17255, 91st Cong. (1970), as reprinted in 2 1970 Leg. Hist. at 910-40. Section 111(d) emerged as a compromise with the Senate, a minor provision nestled in a section focused on new sources. See S. 3546, S. 4358, 91st Cong., 116 Cong. Rec. 20601 (1970). Years later, a lead architect of the 1990 CAA amendments called Section 111(d) "some obscure, never- used section of the law." Clean Air Act Amendments of 1987: Hearings on S.300, S.321, S.1351 & S.1384 before the Subcomm. on Env't Pro. of the S. Comm. on Env't & Pub. Works, 100th Cong. 13 (1987). 3. Things changed when EPA finalized the Clean Power Plan, or CPP, in October 2015. JA.273. After four- and-a-half decades of obscurity, the CPP transformed

View entire presentation