"The First Year of the NOX
Alexander E. Farrell
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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