2000, when a nationwide sulfur dioxide emissions cap of 8.95 million tons per year began, the law required a two phase tightening of operating restrictions placed on fossil fuel fired (e.g., coal, oil, natural gas) power plants. The operation and pricing of a market for emissions allowances would not be viable in the absence of an effective regulatory cap on the total number of allowances available.

Scope of Phase I requirements

In Phase I, half the total reductions were required by January 1, 1995, largely by requiring 110 electric

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