Sec. 242-5.2. CO2 Budget Trading Program adjusted budget

(a) For allocation years 2020 through 2025, the New York CO₂ Budget Trading Program adjusted budget shall be the maximum number of allowances available for allocation in a given allocation year, except for CO₂ offset allowance and CO₂ CCR allowances. For allocation year 2026 and each succeeding allocation year, the CO₂ Budget Trading Program adjusted budget shall be the same as the CO₂ Budget Trading Program base budget.

(b) First control period interim adjustment for banked allowances.

Table 3 includes the department established first control period interim adjustment for banked allowances quantity for allocation years 2014 through 2020:

Table 3 First control period adjustment for banked allowances
2014	2015	2016	2017	2018	2019	2020
3,195,240	3,195,240	3,195,240	3,195,240	3,195,240	3,195,240	3,195,240

(c) Second control period adjustment for banked allowances.

Table 4 includes the department established second control period adjustment for banked allowances quantity for allocation years 2015 through 2020:

Table 4 Second control period adjustment for banked
2015	2016	2017	2018	2019	2020
5,327,076	5,327,076	5,327,076	5,327,076	5,327,076	5,327,076

(d) Third adjustment for banked allowances.

On March 15, 2021, the department shall determine the third adjustment for banked allowances quantity for allocation years 2021 through 2025 through the application of the following formula:

TABA = ((TA – TAE)(5)xRS%

Where:

TABA is the third adjustment for banked allowances quantity in tons.

TA, third adjustment, is the total quantity of allowances of vintage years prior to 2021 held in general and compliance accounts, including compliance accounts established pursuant to the CO₂ Budget Trading Program, but not including accounts opened by participating states, as reflected in the CO₂ allowance tracking system, for which compliance has not yet been demonstrated, on March 15, 2021.

TAE, third adjustment emissions, is the total quantity of 2018, 2019 and 2020 emissions from all CO₂ budget sources in all participating states, reported pursuant to the CO₂ Budget Trading Program as reflected in the CO₂ allowance tracking system on March 15, 2021.

RS% is the CO₂ Budget Trading Program base budget for 2021 divided by the regional budget for 2021.

(e) CO₂ Budget Trading Program adjusted budget for 2020.

Table 5 includes the department established New York CO₂ Budget Trading Program adjusted budgets for the 2020 allocation year.

Table 5 CO2 Budget Trading Adjusted budget
2020
21,913,462

(f) CO₂ Budget Trading Program adjusted budgets for 2021 through 2025.

On or before April 15, 2021 the department shall establish the CO₂ Budget Trading Program adjusted budgets for the 2021 through 2025 allocation years by the following formula:

AB = BB - TABA

Where:

AB is the CO₂ Budget Trading Program adjusted budget.

BB is the CO₂ Budget Trading Program base budget.

TABA is the third adjustment for banked allowances quantity in tons.

(g) Publication of adjusted budgets.

After making the determination in subdivisions (d) and (f) of this section, the department or its agent will publish the CO₂ Budget Trading Program adjusted budgets for the 2021 through 2025 allocation years.