Bill Memo: Renewable Energy Retention Act
This bill directs the Public Service Commission to establish a renewable energy credit program and targets for existing large-scale renewable energy resources.
The Climate Leadership and Community Protection Act (CLCPA) established aggressive mandates for ramping up the use of clean, renewable energy, and reducing climate pollution that harms our public health and economy. The law requires 70 percent renewable energy by 2030 and a zero-emission electricity grid by 2040.
A key component of the State’s plan is the Clean Energy Standard, a multi-tiered procurement strategy to incentivize the development and retention of zero-emission generation. New York is already roughly halfway toward achieving the 2030 goal, thanks to the renewable resources developed prior to the establishment of the Clean Energy Standard.
The states adjacent to New York also have aggressive clean energy targets and incentive programs designed to attract renewable energy resources. Should New York’s existing resources deliver their clean energy attributes or “value” into other regions rather than continue to provide them to New York, the state’s mix of clean energy will be reduced. A downward adjustment in New York’s renewable energy baseline would make an already challenging mandate — significantly more difficult to achieve. An incentive program that properly values the climate, health, environmental, and economic benefits of existing renewable energy facilities contribute to the state, would help ensure that New York maintains the renewable energy resources it needs to meet the 2030 mandate.
Environmental Advocates NY Bill Rating: Substantial Benefit
Memo #: 26