WEBINAR - The True Cost of the Regional Greenhouse Gas Initiative and How it is impacting your Utility Bill

Description

- with Justin Wilcox Executive Director of Upstate United and Matthew Picardi Former VP of Regulatory Affairs for Shell Energy North America (U.S.) Comprised of 11 states, including New York, RGGI requires fossil fuel generating units over 25 MW to purchase allowances for their carbon emissions. Those costs are incorporated into electricity prices, while renewable generators benefit from the higher market prices that result. New York recently finalized regulations to align with RGGI’s third program review. RGGI has evolved from a carbon-reduction program into a hidden energy tax that increases electric bills, funds dozens of government programs with limited public accountability, and disproportionately disadvantages natural gas customers and the utilities that serve them. New York State Energy Research and Development Authority (NYSERDA) has published that the state will raise $500 million by auctioning carbon allowances. However, the true economic cost to utility customers is in the billions and is obscured by energy markets so complex that it is nearly impossible for the average consumer to see. Some experts have done their best to illustrate this. A paper by former energy-industry executives demonstrated that consumers ultimately pay substantially more than the amount Albany collects.