We will delegate to the Assigned Commissioner and assigned ALJ in this proceeding to determine the next steps for implementation of today's decision. We will leave to them the determination of schedule, a prioritized list of implementation issues and exact approach for carrying out our policy determinations. The implementation steps include, but are not limited to: (1) quantifying the GHG emissions baseline for each LSE, (2) adjusting GHG emission reduction requirements over time, relative to the baseline, (3) adopting and administering a process for allocating emissions allowances, (4) developing flexible compliance mechanisms with appropriate performance penalties, and (5) evaluating the costs and benefits of the resulting framework. As discussed in this decision, we fully intend to coordinate closely with CCAR during this process to ensure that the appropriate data collection, reporting and tracking protocols are developed in tandem with these implementation steps.
We emphasize that nothing in today's decision precludes us from opening a new proceeding to address these implementation issues and/or to consolidate these issues with our consideration of performance standards for utility procurement discussed in the Commission's October 6, 2005 GHG Policy Statement.