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(4)(a) Except as provided in paragraph (b) of this subsection, the duration of an emer-
gency deferral:
(A) Implemented using the method described in subsection (2)(c)(A) of this section may
not be less than one calendar quarter; and
(B) Implemented using a method described in subsection (2)(c)(B) or (C) or subsection (3)
of this section may not be less than 30 calendar days.
(b) An emergency deferral may not continue past the end of the compliance period during
which the emergency deferral is issued.
(c) An emergency deferral may be terminated prior to the expiration date of the emer-
gency deferral only if new information becomes available indicating that the shortage for
which the emergency deferral was issued has ended. Only the Environmental Quality Com-
mission may terminate, by order, an emergency deferral before the expiration date of the
emergency deferral. Termination of an emergency deferral is effective 15 calendar days after
the date that the order declaring the termination is adopted.
SECTION 166.
(1) The clean fuels program adopted by the Environmental Quality Com-
mission by rule under ORS 468A.275 must include provisions necessary for the Department
of Environmental Quality to hold credit clearance markets as a means to facilitate compli-
ance with the low carbon fuel standards.
(2)(a) The department shall hold a credit clearance market for any compliance period in
which at least one regulated party reports that the regulated party has a net deficit balance
at the end of the compliance period, after retirement of all credits held by the regulated
party, that is greater than a small deficit. A regulated party described by this paragraph is
required to participate in the credit clearance market.
(b) If a regulated party has a small deficit at the end of a compliance period, the regu-
lated party shall notify the department that it will achieve compliance with the low carbon
fuel standard during the compliance period by either:
(A) Participating in a credit clearance market; or
(B) Carrying forward the small deficit.
(3) For purposes of administering a credit clearance market required by this section, the
department shall:
(a) Allow any regulated party, credit generator or credit aggregator that holds excess
credits at the end of a compliance period to voluntarily participate in the credit clearance
market as a seller by pledging a specified number of credits for sale in the market.
(b) Require each regulated party participating in the credit clearance market as a pur-
chaser of credits to:
(A) Have retired all credits in the party’s possession prior to participating in the credit
clearance market; and
(B) Purchase the specified number of the total pledged credits that the department has
determined are that party’s pro rata share of the pledged credits.
(c) Require all sellers to:
(A) Agree to sell pledged credits at a price no higher than a maximum price for credits;
(B) Accept all offers to purchase pledged credits at the maximum price for credits; and
(C) Agree to withhold any pledged credits from sale outside the credit clearance market
until the credit clearance market is closed.
(4)(a) The commission shall set the maximum price for credits in a credit clearance
market, which may not exceed $200 for 2018.
(b) For 2019 and subsequent years, the maximum price for credits may exceed $200, but
only to the extent that a greater maximum price for credits is necessary to annually adjust
for inflation, beginning on January 1, 2019, pursuant to the increase, if any, from the pre-
ceding calendar year in the West Region Consumer Price Index for All Urban Consumers for
All Items, as published by the Bureau of Labor Statistics of the United States Department
of Labor.
Enrolled House Bill 2017 (HB 2017-A) Page 141
Cite this record
Oregon Legislative Assembly. HB 2017 (2017), enrolled text, PDF p. 141. Retrieved 2026-09-04. https://olis.oregonlegislature.gov/liz/2017R1/Downloads/MeasureDocument/HB2017/Enrolled#page=141. Preserved SHA-256: 5ab76901b63ba88f2742eab37f5e9ddd922a3ffd53e76165eec6dd08f4f9282a. Atlas edition: institutional-studies-2026-09-27-stif-v2.