Clean Power Act of 2005 - Amends the Clean Air Act to require the Administrator of the Environmental Protection Agency (EPA) to: (1) promulgate regulations to achieve specified reductions in emissions of sulfur dioxide, nitrogen oxides, carbon dioxide, and mercury from certain electric generation facilities by January 1, 2010 (January 1, 2009, for mercury emissions); and (2) establish an emission allowance tracking and transfer system for sulfur dioxide, nitrogen oxides, and carbon dioxide.
Directs the Administrator to study the impact of emission allowance trading. Limits the trading of allowances with facilities other than electricity generating facilities to certain carbon dioxide emission control programs. Sets forth an allocation scheme for emission allowances.
Directs the Administrator to: (1) establish and annually review emission limitations for mercury; and (2) promulgate regulations preventing captured or recovered emissions from being re-released into the environment.
Requires the Administrator to: (1) request information from owners/operators of coal-fired electric generation facilities about hazardous air pollutants other than mercury; and (2) propose and promulgate emission standards.
Requires facilities to achieve specified emission standards should emission limitation regulations not be promulgated.
Makes specified violations of this Act unlawful.
Modifies reporting requirements for the acid precipitation research program.