All companies are one step closer to facing federal regulation of greenhouse gas (GHG) emissions, and there may be more involved than just controlling emissions.

EPA has formally decided it’s OK to regulate carbon dioxide (CO2) and other GHGs. This March 29 announcement first affects the largest industrial facilities and power plants as Clean Air Act permit applications and renewals are approved next year.

There are no grandfathering provisions. Companies that get their prevention of significant deterioration (PSD) and Title V permits approved this year won’t have to control GHGs.  All PSD and Title V permits approved after the rules take effect in 2011 will include GHG emission restrictions, even those already in the pipeline.

Some of these restrictions could be requirements to install more efficient equipment as a means to reduce power demand at a facility, which in turn reduces GHG emissions.

For example, a facility that burns coal could be required to switch to natural gas. Or a company could be asked to install more efficient boilers or perhaps switch to more efficient electric motors, which will reduce demand for electricity created by coal-fired power plants.

The earliest theoretical date that factories would have to start controlling GHG emissions would be Jan. 2, 2011 — assuming that’s the date that the final rule limiting GHG emissions from cars and trucks takes effect.

The first facilities to face regulation will be those emitting more than 50,000 or even 75,000 metric tons of GHGs a year.  EPA will let you know later this summer. Smaller facilities will face regulation as EPA expands the GHG regulatory program after 2013.

The only good news is minor. EPA says nobody will be regulated in 2010. That’s it.