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Investor Presentaiton

5 system," but EPA "shall permit" States to tailor standards based on source-specific factors like a facility's "remaining useful life." Id. § 7411(a)(1), (d)(1). Section 111(d)'s repeated emphasis on state discretion tracks Congress' finding that air pollution prevention and control “is the primary responsibility of States and local governments." Id. § 7401(a)(3). Indeed, EPA may directly regulate existing sources only if a State fails to submit or enforce a "satisfactory plan.” Id. § 7411(d)(2). Section 111's text and context confirm that Congress had available, on-site controls in mind. See, e.g., 40 Fed. Reg. 53,340, 53,344 (Nov. 17, 1975) (explaining in preamble to original Section 111(d) regulations that a "technology- based approach" allows for source-specific, "meaningful controls"). Section 111 specifically defines a source "owner or operator," for instance, 42 U.S.C. § 7411(a)(5), but never says that EPA can impose standards of performance on “owners or operators." Instead, it bars them from "operat[ing]” a “source” in violation of the performance standard “applicable to such source." Id. § 7411(e). When numbers-based emission standards are infeasible, EPA may mandate a "design, equipment, work practice, or operational standard” to accomplish the same regulatory goals. Id. § 7411(h)(1). And the requirements for case-specific waivers focus on what individual sources can achieve, too. Waivers encourage “innovative technological system[s]" that have not yet been adequately demonstrated; before issuing one, EPA must consider "the design, installation, and capital cost of the technological system or systems.” Id. § 7411(j)(1)(A), (D), (F). Given these constraints, EPA correctly expected Section 111(d) would be narrowly applied, State plans would "be much less complex" than those under other
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