New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XI - New York State Energy Research And Development Authority
Part 507 - Co Allowance Auction Program
Section 507.9 - Participation requirements
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Qualification. Any party wishing to participate in a CO 2 allowance auction or auctions shall submit an application for qualification in the form and manner provided in the notice of CO 2 allowance auction to the authority on or before the application deadline date specified in the notice of CO 2 allowance auction, which date shall be no sooner than 15 days following the date of publication of the notice. Application information and forms shall be made available electronically on the CO 2 allowance auction website. As a part of their application, applicants will be required to provide information and documentation relating to their ability and authority to execute bids and honor contractual obligations. Such documentation may include but may not be limited to:
(b) The authority will review each application for qualification and make determinations as to qualification to participate or otherwise submit bids in CO 2 allowance auctions. Failure to provide any information required by the notice of CO 2 allowance auction may result in the application being declared incomplete or otherwise deficient. If an application for qualification is determined to be incomplete or otherwise deficient, the authority shall notify the applicant and state the reason therefore. Applicants whose applications for qualification have been determined to be incomplete or deficient will be given a reasonable opportunity, and in no event less than five business days to provide additional information and to cure such deficiencies.
(c) Parties found qualified for participation under subdivision (b) of this section will be qualified for subsequent CO 2 allowance auctions, and will be qualified to participate in such auctions within the financial security limitations of subdivision (h) of this section, provided that there has been no material change to the information provided in the previously submitted application, that the party is within one of the categories of eligible bidders described in the notice of CO 2 allowance auction for such auction, and such party meets all other requirements for participation. Any party found qualified shall notify the authority of any material change in the information provided in the application for qualification no later than the date on which qualification applications for the next auction are due. Such notification shall state the date the change occurred and describe the change in sufficient detail to enable the authority to determine if a change in the qualification status to participate in future auctions is warranted.
(d) The authority may require parties previously found qualified to up-date and re-file applications for qualification on an annual basis.
(e) The authority may suspend or revoke qualification of any party if such party fails to comply with this Part and/or the provisions of 6 NYCRR Part 242.
(f) Bid submittal instructions. All bids shall be in a form prescribed by the authority, which shall be made available electronically on the CO 2 allowance auction website, as appropriate. All bids submitted will be considered binding offers for the purchase of allowances under the rules of the auction, this Part, and 6 NYCRR Part 242.
(g) If the authority determines that a bidder has provided false or misleading information, or has withheld pertinent information in its application, or has otherwise failed to comply with any material provision of this Part or has violated any part of the auctions rules, the bidder may be prohibited from participating in any future CO 2 allowance auctions.
(h) To receive approval to participate in any specific auction, otherwise qualified bidders will be required to provide financial security in the form of a bond, cash, certified funds, or an irrevocable stand-by letter of credit, in a form acceptable to the authority. Financial security shall be provided in a form and manner as described in the notice of CO 2 allowance auction.