The emitter in the province would not be subject to any federal regulation that is the subject of an equivalency agreement.
Just to be clear, an equivalency agreement doesn't necessarily encompass all federal regulations; it has to specify the regulations. The Alberta equivalency agreement specifies four regulations, not every CEPA regulation. Yes, it exempts. The federal regulation “stands down” is the term; it doesn't apply. The facility would have to comply with the provincial legal regime--whether it's a certificate of approval, a regulation, or what have you--not the federal regulation. This, then, becomes irrelevant for that facility.