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2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />2. CED may transfer freely allocated allowances directly from CARB to counterparties to <br />meet CED's portion of the counterparties' obligations on OED's behalf. <br />3. CED will designate any remaining freely allocated allowances into its CITSS limited - <br />use holding account for sale in CARB's quarterly auction. <br />4. CED will place all proceeds from the sales of freely allocated allowances into a <br />restricted reserve account, or other account established to hold the proceeds separately, as <br />set forth in this policy and in accordance with the goals of AB 32. <br />5. CED may procure additional allowances for wholesale sales (sales into the CAISO <br />market) or compliance obligation to counterparties. Such allowances (or other compliance <br />instruments) may be purchased in quarterly auctions, bilateral markets, or other trading <br />platforms. CED shall not use proceeds from the sales of freely allocated allowances for <br />this purpose. <br />6. Proceeds from the allowance auction sales shall be used exclusively for the benefit of <br />CED ratepayers consistent with the goals of AB 32, and may not be used for the benefit of <br />entities or persons other than such ratepayers. Eligible expenditures may include, but are <br />not limited to: <br />A. Investments in renewable energy projects or the purchase of renewable energy; <br />B. Investments in energy efficiency; <br />C. Investments or expenditures associated with carbon emission reducing measures at <br />retail customer facilities; <br />D. Programs or projects that address the indirect costs from implementation of the C&T <br />legislation; <br />E. Purchases of emission allowances needed for CED's retail load. <br />7. Use of the value of any allowances allocated to CED, other than for the benefit of the <br />CED ratepayers consistent with the goals of AB 32, is prohibited. This includes the use of <br />such allowances to meet compliance obligations for electricity sold into the California <br />Independent System Operator markets. <br />