Abstract
Beginning in 1995, electric utilities will have to reduce sulfur dioxide emissions under new rules that not only will revolutionize the regulation of sulfur dioxide but also provide a model to reduce a wide variety of other pollutants. Under authorization of the Clean Air Act of 1990, the Environmental Protection Agency will issue tradable emissions allowances to electric generating utilities. Actual emissions will have to match allowances EPA assigns to utilities, giving them a right to emit a predetermined amount of sulfur dioxide. Each allowance will be equivalent to the right to emit 1 ton of sulfur dioxide per year. The allowances will be based on utilities' average emissions in the reference years 1985 through 1987. EPA hopes thereby to harness the free enterprise system and reduce emissions of a major precursor to acid rain to 9 million tons annually—a 10 million ton reduction from 1980. The chemical process industry would do well to pay ...
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