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Investor Presentaiton

30 violations" if they failed to fill them in. JA.1148; 40 C.F.R. §§ 60.5745(a)(7), 60.5780(a)(5)(iii) (2015). And, of course, the concrete task of building up EPA's preferred generation sources would have required immense state investment. Consequences like these are a significant affront to state sovereignty-if not outright commandeering. See, e.g., Nat'l Fed. of Indep. Business v. Sebelius, 132 S. Ct. 2566, 2602 (2012) ("forc[ing] the States to implement a federal program" threatens vital "political accountability"). The lower court dismissed these impositions by suggesting that the CPP "merely ... alter[ed] consumers' incentives." EPSA, 577 U.S. at 284 (cited at JA.156). Yet the CPP's entire purpose was to force grid-wide changes through standards custom-made for that goal- generation shifting was not an incidental effect of the CPP, but the key variable in its "adjusted CO2 emission rate." JA.1605. The lower court also supposed that the CPP gave States flexibility in how to hit the CPP's targets. JA.159- 60. This response forgets, though, that the targets were reverse-engineered to be "unachievable or too costly to meet" without shifting generation. JA.223; see also JA.890, 928-29, 966-67. EPA calculated how much change it thought the grids could tolerate without collapsing and set standards accordingly. JA.993-1008. Because of that uncompromising approach, EPA admitted that every purported "choice" led back to implementing the CPP's mandate. JA.579-80 (recognizing that States would "need to" replace some forms of generation with others). States would have had to "ensure" that any alternate program incorporated the CPP's "relative incentives," which advanced EPA's goals of shuttering fossil-fuel-fired plants and promoting other generators. JA.1008-14. Those
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