Section 45 Reference Rates

Year	Source	Reference Rate	Credit	Adj. Factor
2023	Wind	3.74 cents/kWh	2.8 cents/kWh	1.8909
	Refined Coal	N/A	N/A	N/A
	Closed-Loop Biomass	N/A	2.8 cents/kWh	1.8909
	Open-Looped Biomass	N/A	1.4 cents/kWh	1.8909
	Geothermal	N/A	2.8 cents/kWh	1.8909
	Solar	N/A	N/A	1.8909
	Small Irrigation	N/A	N/A	N/A
	Municipal Solid Waste	N/A	1.4 cents/kWh	1.8909
	Qualified Hydropower	N/A	1.4 cents/kWh	1.8909
	Indian Coal	N/A	N/A	N/A
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2022	Wind	4.09 cents/kWh	2.6 cents/kWh	1.7593
correction	Refined Coal	N/A	N/A	N/A
	Closed-Loop Biomass	N/A	2.6 cents/kWh	1.7593
	Open-Looped Biomass	N/A	1.3 cents/kWh	1.7593
	Geothermal	N/A	2.6 cents/kWh	1.7593
	Solar	N/A	N/A	1.7593
	Small Irrigation	N/A	N/A	N/A
	Municipal Solid Waste	N/A	1.3 cents/kWh	1.7593
	Qualified Hydropower	N/A	1.3 cents/kWh	1.7593
	Indian Coal	N/A	N/A	N/A
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2021	Wind	3.59 cents/kWh	2.5 cents/kWh	1.6878
	Refined Coal	$45.64/ton	$7.384/ton	1.6878
	Closed-Loop Biomass	N/A	2.5 cents/kWh	1.6878
	Open-Looped Biomass	N/A	1.3 cents/kWh	1.6878
	Geothermal	N/A	2.5 cents/kWh	1.6878
	Solar	N/A	N/A	1.6878
	Small Irrigation	N/A	N/A	N/A
	Municipal Solid Waste	N/A	1.3 cents/kWh	1.6878
	Qualified Hydropower	N/A	1.3 cents/kWh	1.6878
	Indian Coal	N/A	$2.600/ton	1.2998
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2020	Wind	4.16 cents/kWh	2.5/kWh	1.6687
	Refined Coal	$48.58/ton	$7.301/ton	1.6687
	Closed-Loop Biomass	N/A	2.5/kWh	1.6687
	Open-Looped Biomass	N/A	1.3/kWh	1.6687
	Geothermal	N/A	2.5/kWh	1.6687
	Solar	N/A	N/A	1.6687
	Small Irrigation	N/A	N/A	N/A
	Municipal Solid Waste	N/A	1.3/kWh	1.6687
	Qualified Hydropower	N/A	1.3/kWh	1.6687
	Indian Coal	N/A	$2.570/ton	1.2851
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2019	Wind	5.18 cents/kWh	2.5/kWh	1.6396
	Refined Coal	$7.173/ton	$7.03/ton	1.6396
	Closed-Loop Biomass	N/A	2.5/kWh	1.6396
	Open-Looped Biomass	N/A	1.2/kWh	1.6396
	Geothermal	N/A	2.5/kWh	1.6396
	Solar	N/A	N/A	1.6396
	Small Irrigation	N/A	N/A	N/A
	Municipal Solid Waste	N/A	1.2/kWh	1.6396
	Qualified Hydropower	N/A	1.2/kWh	1.6396
	Indian Coal	N/A	N/A	N/A
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2018	Wind	4.85 cents/kWh	2.4/kWh	1.6072
	Refined Coal	$7.03/ton	$7.03/ton	1.6072
	Closed-Loop Biomass	N/A	2.4/kWh	1.6072
	Open-Looped Biomass	N/A	1.2/kWh	1.6072
	Geothermal	N/A	2.4/kWh	1.6072
	Solar	N/A	N/A	1.6072
	Small Irrigation	N/A	1.2/kWh	1.6072
	Municipal Solid Waste	N/A	1.2/kWh	1.6072
	Qualified Hydropower	N/A	1.2/kWh	1.6072
	Indian Coal	N/A	N/A	N/A
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2017	Wind	4.55 cents/kWh	2.4/kWh	1.5792
	Refined Coal	$51.09/ton	$6.909/ton	1.5792
	Closed-Loop Biomass	N/A	2.4/kWh	1.5792
	Open-Looped Biomass	N/A	1.2/kWh	1.5792
	Geothermal	N/A	2.4/kWh	1.5792
	Solar	N/A	N/A	1.5792
	Small Irrigation	N/A	1.2/kWh	1.5792
	Municipal Solid Waste	N/A	1.2/kWh	1.5792
	Qualified Hydropower	N/A	1.2/kWh	1.5792
	Indian Coal	N/A	N/A	N/A
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2016	Wind	4.50 cents/kWh	2.3 cents/kWh	1.5556
	Refined Coal	$53.74/ton	$6.810/ton	1.5556
	Closed-Loop Biomass	N/A	2.3 cents/kWh	1.5556
	Open-Looped Biomass	N/A	1.2 cents/kWh	1.5556
	Geothermal	N/A	2.3 cents/kWh	1.5556
	Solar	N/A	2.3 cents/kWh	1.5556
	Small Irrigation	N/A	1.2 cents/kWh	1.5556
	Municipal Solid Waste	N/A	1.2 cents/kWh	1.5556
	Qualified Hydropower	N/A	1.2 cents/kWh	1.5556
	Indian Coal	N/A	2.387/ton	N/A
	Steel Industry Fuel	N/A	N/A	N/A
Year	Source	Reference Rate	Credit	Adj. Factor
2015	Wind	4.50 cents/kWh	2.3 cents/kWh	1.5336
	Refined Coal	$57.64/ton	$6.710/ton	1.5336
	Closed-Loop Biomass	N/A	2.3 cents/kWh	1.5336
	Open-Loop Biomass	N/A	1.2 cents/kWh	1.5336
	Geothermal	N/A	2.3 cents/kWh	1.5336
	Solar	N/A	2.3 cents/kWh	1.5336
	Small Irrigation	N/A	1.2 cents/kWh	1.5336
	Municipal Solid Waste	N/A	1.2 cents/kWh	1.5336
	Qualified Hydropower	N/A	1.2 cents/kWh	1.5336
	Indian Coal	N/A	N/A	N/A
	Steel Industry Fuel	N/A	N/A	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2014	Wind	4.85 cents/kWh	2.3 cents/kWh	1.5063
	Refined Coal	$56.88/ton	$6.601/ton	1.5063
	Closed-Loop Biomass	N/A	2.3 cents/kWh	1.5063
	Open-Loop Biomass	N/A	1.1 cents/kWh	1.5063
	Geothermal	N/A	2.3 cents/kWh	1.5063
	Solar	N/A	2.3 cents/kWh	1.5063
	Small Irrigation	N/A	1.1 cents/kWh	1.5063
	Municipal Solid Waste	N/A	1.1 cents/kWh	1.5063
	Qualified Hydropower	N/A	1.1 cents/kWh	1.5063
	Indian Coal	N/A	2.317/ton	1.1587
	Steel Industry Fuel	N/A	N/A	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2013	Wind	4.53 cents/kWh	2.3 cents/kWh	1.5063
	Refined Coal	$58.23/ton	$6.590/ton	1.5063
	Closed-Loop Biomass	N/A	2.3 cents/kWh	1.5063
	Open-Loop Biomass	N/A	1.1 cents/kWh	1.5063
	Geothermal	N/A	2.3 cents/kWh	1.5063
	Solar	N/A	2.3 cents/kWh	1.5063
	Small Irrigation	N/A	1.1 cents/kWh	1.5063
	Municipal Solid Waste	N/A	1.1 cents/kWh	1.5063
	Qualified Hydropower	N/A	1.1 cents/kWh	1.5063
	Indian Coal	N/A	2.308/ton	1.1538
	Steel Industry Fuel	N/A	N/A	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2012	Wind	5.31 cents/kWh	2.2 cents/kWh	1.4799
	Refined Coal	$55.80/ton	$6.475/ton	1.4799
	Closed-Loop Biomass	N/A	2.2 cents/kWh	1.4799
	Open-Loop Biomass	N/A	1.1 cent/kWh	1.4799
	Geothermal	N/A	2.2 cents/kWh	1.4799
	Solar	N/A	2.2 cents/kWh	1.4799
	Small Irrigation	N/A	1.1 cent/kWh	1.4799
	Municipal Solid Waste	N/A	1.1 cent/kWh	1.4799
	Qualified Hydropower	N/A	1.1 cent/kWh	1.4799
	Indian Coal	N/A	$2.267/ton	1.1336
	Steel Industry Fuel	N/A	N/A	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2011	Wind	4.68 cents/kWh	2.2 cents/kWh	1.4459
	Refined Coal	$55.66/ton	$6.33/ton	1.4459
	Closed-Loop Biomass	N/A	2.2 cents/kWh	1.4459
	Open-Loop Biomass	N/A	1.1 cent/kWh	1.4459
	Geothermal	N/A	2.2 cents/kWh	1.4459
	Solar	N/A	2.2 cents/kWh	1.4459
	Small Irrigation	N/A	1.1 cent/kWh	1.4459
	Municipal Solid Waste	N/A	1.1 cent/kWh	1.4459
	Qualified Hydropower	N/A	1.1 cent/kWh	1.4459
	Indian Coal	N/A	$2.2/ton	1.1066
	Steel Industry Fuel	N/A	$2.89/barrel	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2010 2010 Correction	Wind	4.22 cents/kWh	2.2 cents/kWh	1.4342
	Refined Coal	$54.74/ton	$6.27/ton	1.4342
	Closed-Loop Biomass	N/A	2.2 cents/kWh	1.4342
	Open-Loop Biomass	N/A	1.1 cent/kWh	1.4342
	Geothermal	N/A	2.2 cents/kWh	1.4342
	Solar	N/A	2.2 cents/kWh	1.4342
	Small Irrigation	N/A	1.1 cent/kWh	1.4342
	Municipal Solid Waste	N/A	1.1 cent/kWh	1.4342
	Qualified Hydropower	N/A	1.1 cent/kWh	1.4342
	Indian Coal	N/A	$2.2/ton	1.0976
	Steel Industry Fuel	N/A	$2.87/barrel	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2009	Wind	4.32 cents/kWh	2.1 cents/kWh	1.4171
	Refined Coal	$39.72/ton	$6.20/ton	1.4171
	Closed-Loop Biomass	N/A	2.1 cents/kWh	1.4171
	Open-Loop Biomass	N/A	1.1 cent/kWh	1.4171
	Geothermal	N/A	2.1 cents/kWh	1.4171
	Solar	N/A	2.1 cents/kWh	1.4171
	Small Irrigation	N/A	1 cent/kWh	1.4171
	Municipal Solid Waste	N/A	1 cent/kWh	1.4171
	Qualified Hydropower	N/A	1 cent/kWh	1.4171
	Indian Coal	N/A	$1.625/ton	1.0830
	Steel Industry Fuel	N/A	$2/barrel	N/A

Year	Source	Reference Rate	Credit	Adj. Factor
2008	Wind	3.6 cents/kWh	2.1 cents/kWh	1.3854
	Refined Coal	$45.56/ton	$6.061/ton	1.3854
	Closed-Loop Biomass	N/A	2.1 cents/kWh	1.3854
	Open-Loop Biomass	N/A	1 cent/kWh	1.3854
	Geothermal	N/A	2.1 cents/kWh	1.3854
	Solar	N/A	2.1 cents/kWh	1.3854
	Small Irrigation	N/A	1 cent/kWh	1.3854
	Municipal Solid Waste	N/A	1 cent/kWh	1.3854
	Qualified Hydropower	N/A	1 cent/kWh	1.3854
	Indian Coal	N/A	$1.589/ton	1.0591

Year	Source	Reference Rate	Credit	Adj. Factor
2007	Wind	3.29 cents/kWh	2 cents/kWh	1.3433
	Refined Coal	$48.35/ton	$5.877/ton	1.3433
	Closed-Loop Biomass	N/A	2 cents/kWh	1.3433
	Open-Loop Biomass	N/A	1 cent/kWh	1.3433
	Geothermal	N/A	2 cents/kWh	1.3433
	Solar	N/A	2 cents/kWh	1.3433
	Small Irrigation	N/A	1 cent/kWh	1.3433
	Municipal Solid Waste	N/A	1 cent/kWh	1.3433
	Qualified Hydropower	N/A	1 cent/kWh	1.3433
	Indian Coal	N/A	$1.544/ton	1.0293

Year	Source	Reference Rate	Credit	Adj. Factor
2006	Wind	2.89 cents/kWh	1.9 cents/kWh	1.2981
	Refined Coal	$42.78/ton	$5.679/ton	1.2981
	Closed-Loop Biomass	N/A	1.9 cents/kWh	1.2981
	Open-Loop Biomass	N/A	1 cent/kWh	1.2981
	Geothermal	N/A	1.9 cents/kWh	1.2981
	Solar	N/A	1.9 cents/kWh	1.2981
	Small Irrigation	N/A	1 cent/kWh	1.2981
	Municipal Solid Waste	N/A	1 cent/kWh	1.2981
	Qualified Hydropower	N/A	1 cent/kWh	1.2981

Year	Source	Reference Rate	Credit	Adj. Factor
2005	Wind	4.85 cents/kWh	1.9 cents/kWh	1.2528
	Refined Coal	$36.36/ton	$5.481/ton	1.2528
	Closed-Loop Biomass	N/A	1.9 cents/kWh	1.2528
	Open-Loop Biomass	N/A	0.9 cents/kWh	1.2528
	Geothermal	N/A	1.9 cents/kWh	1.2528
	Solar	N/A	1.9 cents/kWh	1.2528
	Small Irrigation	N/A	0.9 cents/kWh	1.2528
	Municipal Solid Waste	N/A	0.9 cents/kWh	1.2528
	Qualified Hydropower	N/A	0.9 cents/kWh	1.2528

Section 45 Reference Rates

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