65-407 C.M.R. ch. 327, § 3 - TRANSFER OF FUNDS TO THE COMMISSION

A. Notification from Efficiency Maine Trust. Within five (5) business days of the certification by RGGI, Inc. of the results of a quarterly auction in which the clearing price for a CO₂ allowance exceeds $5.00, the Efficiency Maine Trust shall provide written confirmation to the Commission of the dollar amount of auction proceeds that are to be transferred to the Commission. The confirmation shall include:

1. The settlement dates on which auction proceeds are scheduled to be transferred from RGGI, Inc. to the Trust and from the Trust to the Commission; and

2. The dollar amount of revenue the Trust will receive from RGGI, Inc., calculated based on the number of Maine CO₂ allowances sold in the quarterly auction and the clearing price(s) for current compliance period allowances and for future compliance period allowances; and

3. The dollar amount of revenue the Trust will transfer to the Commission, calculated using the excess of the clearing price(s) over $5.00 times the number of CO₂ allowances sold.

B. Transfer of Funds to the Commission. On the next business day after the settlement date designated for the transfer of RGGI auction proceeds, the Trust shall transfer the dollar amount of auction proceeds calculated in accordance with subsection 3(A) (3) to the Commission. The Commission shall hold the funds pending approval of the distribution of the funds to ratepayers in accordance with section 5 of this Chapter.

Notes

65-407 C.M.R. ch. 327, § 3