Sec. 203. Zero-emission electricity credit trading program
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Not later than 1 year after the date of enactment of this Act, the Secretary shall establish a zero-emission electricity credit trading program under which— the Secretary shall record, track, auction, and transfer zero-emission electricity credits; and a generator to whom such zero-emission electricity credits are issued may sell or otherwise transfer those credits, as provided or allowed by applicable contracts, through— any auction established under the zero-emission electricity credit trading program; direct sales; or other transactional arrangements that sell electric energy or generating capacity either separately or combined with the transfer of zero-emission electricity credits, including transactions that pair zero-emission electricity credits with the demand of the retail electricity supplier.
In carrying out the program under this section, the Secretary shall ensure that a zero-emission electricity credit may be— submitted only once under section 202(a); and only purchased by, transferred to, or otherwise secured by a retail electricity supplier. In carrying out the program under this section, the Secretary may delegate, to one or more appropriate entities— the administration of a transparent national market for the sale or trade of zero-emission electricity credits; and the tracking of dispatch of zero-emission electricity generation.
In making a delegation under paragraph (1), the Secretary shall ensure that the tracking and reporting of information concerning the dispatch of zero-emission electricity generation is transparent, verifiable, and independent of any interests subject to an obligation under this title. A zero-emission electricity credit may be used for compliance with the requirements of section 202 for— the calendar year for which the zero-emission electricity credit is issued (in this subsection referred to as the applicable calendar year ); and any of the 5 calendar years following the applicable calendar year, if the Secretary determines under section 202(a)(4) that the average annual price of a zero-emission electricity credit is equal to or less than one half of the alternative compliance payment for each of the 3 calendar years prior to the applicable calendar year; or if the Secretary has not made the determination described under subparagraph (A)— any of the 5 calendar years following the applicable calendar year, if the applicable calendar year is any of calendar years 2022 through 2029; any of the 4 calendar years following the applicable calendar year, if the applicable calendar year is any of calendar years 2030 through 2034; any of the 3 calendar years following the applicable calendar year, if the applicable calendar year is any of calendar years 2035 through 2039; and any of the 2 calendar years following the applicable calendar year, if the applicable calendar year is 2040 or any calendar year thereafter.