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CEIC-01-05

"The First Year of the NOX Budget"

Alexander E. Farrell

Abstract:
One of the largest and most innovative emissions trading programs yet was started up last year, the northeastís NOX Budget. Designed to address the regionís chronic problem of summertime ozone (or smog) problem, it controls emissions of nitrogen oxides (NOX) from large stationary sources, most of which are power plants. It is important to understand the NOX Budget for several reasons. First, controlling power plant NOX may be on the horizon in many places, especially the Midwest. Second, the NOX Budget has several unique features which might be useful in other proposed emissions trading programs. Third, it shows how restructuring helps make market-based environmental regulation work better.

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