How to Cut Emissions and Boost the Economy? Look to the Northeast.

RTO Insider: “The Regional Greenhouse Gas Initiative provides substantial economic benefits and has not raised prices or impaired reliability,” according to a new report by economic consulting firm Analysis Group.

“RGGI added $1.3 billion in economic value, created more than 14,000 new jobs and saved consumers $460 million on electricity and heating bills from 2012 through 2014 … ‘Based on an analysis of years of hard data, RGGI shows that multi-state, market-based carbon control mechanisms work and can deliver positive economic benefits,’ Analysis Group Vice President Paul Hibbard said.”

Figure ES-4 shows the net economic value broken out by the macroeconomic effects of RGGI on consumers and pow er plant owners, as well as effects that flow  from direct spending of RGGI auction revenues.

Figure ES-4 shows the net economic value broken out by the macroeconomic effects of RGGI on consumers and power plant owners, as well as effects that flow from direct spending of RGGI auction revenues.

“The report’s authors said the findings ‘provide valuable lessons for states’ preparing for the Environmental Protection Agency’s proposed Clean Power Plan.”

“RGGI regulates carbon emissions from power plants in the six New England states, New York, Maryland and Delaware. The states have received about $2 billion in auction proceeds over its existence, investing those funds in energy efficiency programs, low-income assistance and clean energy development.”

“The region also cut annual carbon emissions by about a third, from 140 million metric tons in 2008 to 90 million tons in 2014, according to the report. RGGI also reduced dollars used to pay for fossil fuels imported from outside the region by more than $1.27 billion in 2012-2014.”

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