Healthy Air and Clean Water Act

Healthy Air and Clean Water Act - Amends the Clean Air Act to provide that affected units (coal-fired electric generating facilities that have a nameplate capacity greater than 25 megawatts and that generate electricity for sale) that commence operation after December 31, 2008, shall be considered new units. Prohibits such units from exceeding the mercury emission limit of 0.6 pounds mercury per trillion Btu. Prohibits affected units that commence operation on or before December 31, 2008, from exceeding such limit by January 1, 2011.

Sets forth penalties for excess emissions. Requires the Administrator of the Environmental Protection Agency (EPA) to ensure that mercury captured or recovered by emission controls installed at affected units is not re-released into the environment.

Sets carbon dioxide emission limits for affected units for 2015, 2020, 2030, 2040, and 2050. Requires the Administrator to establish a carbon dioxide allowance trading program.

Declares that nothing in this Act affects the ability of states to take actions to further limit climate change.

Directs the Administrator to promulgate regulations to protect specified sensitive ecosystems if the emissions reductions under title VII of the Clean Air Act are not sufficient to ensure the protection and restoration of such ecosystems.

Requires the Administrator to promulgate regulations to reduce, not later than January 1, 2010, specified amounts of aggregate sulfur dioxide emissions and nitrogen oxide emissions from power plants. Authorizes the regulations to include market-oriented mechanisms.

Requires the Administrator to coordinate with federal and state governments to increase energy efficiency, to increase the use of renewable energy, and to implement cost saving advanced demand and supply side policies.

Requires a power plant, on the later of the date that is 30 years after it commenced operation or the date that is five years after this Act's enactment, to comply with the specified new source performance standards and specified requirements applicable to modified sources under the Clean Air Act.