104 STAT. 2592 PUBLIC LAW 101-549—NOV. 15, 1990 plans. Nothing in this section shall be construed as requiring a change of any kind in any State law regulating electric utility rates and charges or affecting any State law regarding such State regulation or as limiting State regulation (including any prudency review) under such a State law. Nothing in this section shall be construed as modifying the Federal Power Act or as affecting the authority of the Federal Energy Regulatory Commission under that Act. Nothing in this title shall be construed to interfere with or impair any program for competitive bidding for power supply in a State in which such program is established. Allowances, once allocated to a person by the Administrator, may be received, held, and temporarily or permanently transferred in accordance with this title and the regulations of the Administrator without regard to whether or not a permit is in effect under title V or section 408 with respect to the unit for which such allowance was originally allocated and recorded. Each permit under this title and each permit issued under title V for any affected unit shall provide that the affected unit may not emit an annual tonnage of sulfur dioxide in excess of the allowances held for that unit. "(g) PROHIBITION. —It shall be unlawful for any person to hold, use, or transfer any allowance allocated under this title, except in accordance with regulations promulgated by the Administrator. It shall be unlawful for any affected unit to emit sulfur dioxide in excess of the number of edlowances held for that unit for that year by the owner or operator of the unit. Upon the allocation of allowances under this title, the prohibition contained in the preceding sentence shall supersede any other emission limitation applicable under this title to the units for which such allowances are allocated. Allowances may not be used prior to the calendar year for which they are allocated. Nothing in this section or in the allowance system regulations shall relieve the Administrator of the Administrator's permitting, monitoring and enforcement obligations under this Act, nor relieve affected sources of their requirements and liabilities under this Act. "(h) COMPETITIVE BIDDING FOR POWER SUPPLY.— Nothing in this title shall be construed to interfere with or impair any program for competitive bidding for power supply in a State in which such program is established. "(i) APPLICABILITY OF THE ANTITRUST LAWS.— "(1) Nothing in this section affects— "(A) the applicability of the antitrust laws to the transfer, use, or sale of allowances, or "(B) the authority of the Federal Energy Regulatory Commission under any provision of law respecting unfair methods of competition or anticompetitive acts or practices. "(2) As used in this section, 'antitrust laws' means those Acts set forth in section 1 of the Cla3rton Act (15 U.S.C. 12), as amended. "(j) PUBLIC UTIUTY HOLDING (DOMPANY ACT.— The acquisition or disposition of allowances pursuant to this title including the issuance of securities or the undertaking of any other financing transaction in connection with such allowances shall not be subject to the provisions of the Public Utility Holding Company Act of 1935. 42 USC 7651c. "SEC. 404. PHASE I SULFUR DIOXIDE REQUIREMENTS. "(a) EMISSION LIMITATIONS.—(1) After January 1, 1995, each source that includes one or more affected units listed in table A is an
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