PUBLIC LAW 101-549—NOV. 15, 1990 104 STAT. 2603 conservation measures had not been implemented. Upon the date of any such certification by the Secretary of Energy, all allowances which, but for this paragraph, would have been allocated under subparagraph (A) before such date, shall be allocated to the electric utility. This clause is not a requirement for qualified renewable energy. "(v) Such utility or any subsidiary of the utility's holding company owns or operates at least one eiffected unit. "(C) PERIOD OF APPLICABILITY.— Al lowances under this subsection shall be allocated only with respect to kilowatt hours of electric energy saved by qualified energy conservation mesisures or generated by qualified renewable energy after January 1, 1992 and before the earlier of (i) December 31, 2000, or (ii) the date on which any electric utility steam generating unit owned or operated by the electric utility to which the allowances are allocated becomes subject to this title (including those sources that elect to become affected by this title, pursuant to section 410). "(D) DETERMINATION OF AVOIDED EMISSIONS. — "(i) APPLICATION.— In order to receive allowances under this subsection, an electric utility shall make an application which— "(I) designates the qualified energy conservation measures implemented and the qualified renewable energy sources used for purposes of avoiding emissions, "(II) calculates, in accordance with subparagraphs (F) and (G), the number of tons of emissions avoided by reason of the implementation of such measures or the use of such renewable energy sources; and "(III) demonstrates that the requirements of subparagraph (B) have been met. Such application for allowances by a State-regulated electric utility shall require approval by the State regulatory authority with jurisdiction over such electric utility. The authority shall review the application for accuracy and compliance with this subsection and the rules under this subsection. Electric utilities whose retail rates are not subject to the jurisdiction of a State regulatory authority shall apply directly to the Administrator for such approval. "(E) AVOIDED EMISSIONS FROM QUALIFIED ENERGY CON- SERVATION MEASURES. —For the purposes of this subsection, the emission tonnage deemed avoided by reason of the implementation of qualified energy conservation measures for any calendar year shall be a tonnage equal to the product of multiplying— "(i) the kilowatt hours that would otherwise have been supplied by the utility during such year in the absence of such qualified energy conservation measures, by "(ii) 0.004, and dividing by 2,000.
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