California Proposes CPP Compliance Based on Existing Cap-and-Trade Scheme

Emissions, EnerKnol Research Reports, Environmental Markets, PRODUCTS

The California Air Resources Board (CARB) has issued a proposal to comply with the Clean Power Plan (CPP) based on California’s existing cap-and-trade program, together with complementary state policies, such as renewable fuel standards and energy efficiency requirements. The action makes California the first state to forge ahead with CPP implementation efforts despite pending judicial review and adds momentum to integrating existing market-based emissions programs as an efficient way to comply with the CPP.

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Massachusetts Energy Bill Boosts Prospects for Offshore Wind and Energy Storage

EnerKnol Research Reports, Power & Utilities, PRODUCTS, Smart Grid

Massachusetts H. 4568 (An Act to promote energy diversity) will shape the state’s energy future with an ambitious offshore wind energy target and lead to energy storage procurement targets with opportunities for utilities to own energy storage. The policy will likely provide a much-needed impetus for the U.S. offshore wind industry and also help other industries, such as solar companies that offer solar-plus-storage products.

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Court Stay of Regional Haze Rule Adds to Judicial Scrutiny of EPA Authority

Emissions, EnerKnol Research Reports, Environmental Markets, PRODUCTS

On July 15, 2016 the U.S. Court of Appeals for the Fifth Circuit granted a stay of the Environmental Protection Agency’s (EPA) regional haze rule for Texas and Oklahoma pending judicial review. The decision questions the Agency’s ability to claim that regional rules have national scope and adds to the list of pending litigations against EPA regulations, most notably, the Supreme Court’s February action granting a stay of the Clean Power Plan (CPP) which set carbon dioxide regulations for existing fossil fuel-fired power plants. Ongoing litigations highlight increasing judicial scrutiny of EPA regulations due to accusations of overreach and failure to properly consider costs and impacts of proposed or finalized rules.

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New York Proposes Nuclear Subsidy Based on Social Cost of Carbon

EnerKnol Research Reports, Nuclear Power, PRODUCTS, Renewables

The New York State Public Service Commission (NY PSC) has issued a proposal to subsidize nuclear power generating facilities that may otherwise be retired to preserve their zero-emission attributes as part of the state's Clean Energy Standard (CES). The subsidy program could prompt additional policy changes, especially in terms of market design, as retention of existing nuclear plants requires long-term financial viability, which in turn hinges on wholesale markets recognizing the benefits of nuclear power.

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RGGI Examines Tightening Emissions Cap to Comply with Clean Power Plan

Carbon Markets, EnerKnol Research Reports, Environmental Markets, PRODUCTS

As part of their 2016 Program Review, member states of the Regional Greenhouse Gas Initiative (RGGI) are examining opportunities to link RGGI with the Clean Power Plan (CPP), such as altering or removing the program’s Cost Containment Reserve (CCR) to address oversupply of allowances while preserving a mechanism to prevent price volatility. The alignment of RGGI control periods with CPP interim step periods would facilitate market expansion, as RGGI is the primary CPP compliance mechanism for member states and continues to draw attention from non-RGGI states. As the legal fate of the CPP is still pending, with an outcome that will have notable implications on allowance prices, clarifications regarding RGGI’s post-2020 cap will help reduce regulatory uncertainty in the RGGI market.