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Investor Presentaiton

4 Id. § 7412(d)(2). Likewise, Congress relieved nonferrous smelters from certain requirements if they cannot comply using "reasonably available" technology. Id. § 7419. And for solid-waste incinerators, EPA sets standards "based on methods and technologies" that have "site specific" effects. Id. § 7429(a)(3). 2. Congress took the second, process-focused approach in Section 111, which provides for "standards of performance" for stationary sources. Embracing notions of achievability and real-world impact, Congress defined "standard of performance" as a standard for emissions of air pollutants which reflects the degree of emission limitation achievable through the application of the best system of emission reduction which (taking into account the cost of achieving such reduction and any nonair quality health and environmental impact and energy requirements) the Administrator determines has been adequately demonstrated. 42 U.S.C. § 7411(a)(1). Under Section 111(b), EPA sets standards of performance for new stationary sources. 42 U.S.C. § 7411(b)(1)(B). But under Section 111(d), the agency plays a secondary role to the States in regulating existing ones. Id. § 7411(d). EPA first determines the “best system of emission reduction." Id. § 7411(a)(1), (d)(1). Then it promulgates a "procedure” (“similar” to that for state implementation plans under Section 110) for States to submit "plan[s]" setting "standards of performance" for individual sources within their borders. Id. § 7411(d)(1). These standards should "reflect[]" the "degree of emission limitation achievable" through the EPA-identified "best
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