Establishes national pollutant tonnage limitations for sulphur dioxide, nitrogen oxides, mercury, and carbon dioxide.
Provides for review and revision of annual tonnage limitations.
Directs the Administrator of the Environmental Protection Agency to establish trading programs for nitrogen oxide and mercury allowances. Requires equitable treatment of facilities that either use more than one energy source to produce electricity or that produce electricity in addition to another service or product.
Directs the Administrator to establish reserves of nitrogen oxide and mercury allowances as set asides for new units.
Establishes a nitrogen oxide and mercury allowance transfer system, requiring certification and monitoring. Regards transfers as part of the federally enforceable permit of the affected unit, requiring no further revision.
Directs the Administrator to establish a carbon dioxide allowance trading program, setting aside a reserve of allowances for use by new units and new renewable energy units.
Makes allowances available to projects certified by a newly established independent review board. Requires board guidelines to include certifying geological and incremental carbon sequestration.
Permits the trading of allowances under any U.S. or internationally recognized carbon dioxide reduction program.
Establishes a carbon dioxide allowance transfer system, requiring certification and monitoring.
Revises the new source review program to cover unit changes after 2007 and to permit the lowest achievable emission rate standard to take cost into account.
Revises the sulfur dioxide allowance program to establish an allowance reserve for new units and to establish maximum emissions for states in the Western Regional Air Partnership.