The present Regulation enforces the Environmental Protection Act (R.S.O. 1990, c. E. 19). In particular, the Regulation sets new sector-wide caps on airborne emissions of NOX and SO2 from the electricity sector. The reductions will occur in two steps: the first at the end of 2001, followed by a larger reduction in 2007. Regulation also sets out rules for a system of emissions reduction trading, giving power plants the option either to cut their own emissions directly or to buy emission reduction