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Recorded October 20, 2011

90 minutes

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Overview

Imminent deadlines are giving utilities the chills. The Cross-State Air Pollution Rule (CSAPR) is replacing the 2005 Clean Air Interstate Rule (CAIR) and compliance is looming. The new regulation requires power plants in 23 states to reduce annual emissions of sulfur dioxide (SO2) and NOx, with 20 states required to reduce nitrogen dioxide (NOx) emissions during the ozone season, which runs from May to September. Among other things, CSAPR will create four new emissions trading markets.

Utility industry and transmission grid operators have raised concerns about the rule's tight implementation deadline and how the new rule may compromise the reliability of the nation's electric grid in the face of wide-scale plant retirements or fuel conversions. In addition, CSAPR may result in job losses and higher utility rates for consumers.

Join this discussion to learn how to mitigate compliance risks, gain a better understanding of the policies and what actions are being taken to address them.

Agenda

Learning Objectives

Panelists

Jeffrey R. Holmstead – Partner, Bracewell & Giuliani LLP

Former Assistant Administrator of the U.S. Environmental Protection Agency (EPA)

Mr. Holmstead, former Assistant Administrator of the EPA for Air and Radiation, is one of the nation's leading air-quality lawyers and heads the Environmental Strategies Group (ESG) at Bracewell & Giuliani.

The ESG is a multi-disciplinary group that includes environmental and energy attorneys, public policy advocates, and strategic communications experts – most of whom have had high-level government experience. Under Mr. Holmstead's leadership, they work together on a daily basis to advise and defend companies and business groups confronting major environmental and energy-development challenges, both domestically and globally.

Mr. Holmstead received his J.D. from Yale Law School and a B.A. from Brigham Young University. Chambers USA: America's Leading Lawyers for Business, Climate Change, 2010-2011; Environment, 2008-2011. Best Lawyers in America, 2008-2010.

John M. McManus – Vice President of Environmental Services, American Electric Power Company

John M. McManus is the Vice President of Environmental Services for the American Electric Power Company located in Columbus, Ohio. In this position, Mr. McManus has responsibility for overseeing environmental compliance for AEP's 38,000 megawatt electric generating fleet and T&D assets, for providing environmental compliance support for AEP's river barge operations and for evaluating environmental issues that have the potential to affect AEP and the electric utility industry. In addition, he is the primary interface with the U.S. Environmental Protection Agency on matters related to compliance with the requirements of the various allowance-based SO2 and NOx compliance programs. Environmental Services, with a staff of 112, provides expertise in the areas of air quality, emissions tracking, water and ecological resources, coal combustion byproduct and hazardous waste management, environmental mitigation and remediation and analytical chemistry services.

Mr. McManus has been with AEP since 1977. He completed a term as a member of U.S. EPA's Clean Air Act Advisory Committee in the Fall of 2010, co-chairs the Utility Air Regulatory Group and chairs the Electric Power Research Institute's Environment Sector Advisory Council. Mr. McManus holds a Bachelor of Science degree in Environmental Engineering from Rensselaer Polytechnic Institute (1976) and is a registered Professional Engineer in the State of Ohio.

Paul Tesoriero – Director of Environmental Markets, Evolution Markets

Paul Tesoriero is Director, Environmental Markets for Evolution Markets. Mr. Tesoriero manages Evolution Markets' U.S. Emissions Markets Group, which assists utilities, power generators, power marketers, banks, and hedge funds in managing risk associated with environmental compliance obligations. The group facilitates transactions in domestic emissions trading markets, such as Federal programs for sulfur dioxide (SO2) and nitrogen oxide (NOx), Houston-Galveston-Brazelton area NOx trading, emissions reduction credits (ERCs) in various states, and carbon transactions under the Regional Greenhouse Gas Initiative (RGGI).

Mr. Tesoriero helped form Evolution Markets in 2000, and brings 15 years of utility and emissions experience. Prior to Evolution Markets, he was an emissions broker and an emissions trader for the Long Island Lighting Company (LILCO). Mr. Tesoriero is well known in the emission market, having been involved in the emissions trading business in its infancy, and has spoken at many industry conferences. He is also a board member of the Environmental Markets Association, a trade association focused on promoting market-based solutions to combat environmental issues.

Mr. Tesoriero received an MBA in Finance from Hofstra University and a BE in Mechanical Engineering from Manhattan College.

Jesse Gilbert (moderator) – Senior Industry Analyst, SNL Energy

Mr. Gilbert joined SNL Energy in 2008 after finishing graduate work in economics at North Carolina State University. In his time at SNL he has worked closely with a broad mix of clients to help conduct analysis on a variety of topics effecting the energy industry. As a senior analyst with the company, Mr. Gilbert continues to publish research with a recent focus on power plant environmental issues and fossil fuel dynamics.

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