In his article, "Why Taxes Don't Distort Emissions Trading" (Dec. 1, 1994, p. 37), Michael Thomas suggests that utilities should flow through the proceeds of emission allowance sales to ratepayers...
able to apply emission allowances to economically meet standards under the 1990 CAAA. Without the new rule, and based on a more strict view of NSR, many of the advantages of the current "cap and trade" program for allowances would be lost.
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