An electing electric generating facility (EGF) may opt out of the requirements of this subchapter under the following conditions.(1) The electing EGF must notify the commission of its intent to opt out prior to the beginning of the next control period. The decision to opt out of the requirements of this subchapter will become effective at the beginning of the control period that follows notification to the commission.(2) The electing EGF may not opt out during a control period.(3) Once the electing EGF has opted out, all of the following apply:(A) all allowances for the electing EGF will be voided by the commission and may not be banked for subsequent use;(B) no allowances will be allocated for subsequent control periods;(C) the electing EGF may not participate in the emissions banking and trading of allowances at any future date;(D) the owner or operator shall request an alteration to the existing New Source Review permit to remove the conditions referencing the electric generating facility permit.