trending Market Intelligence /marketintelligence/en/news-insights/trending/wh7xhfOXIJ5R9iMrY9zm3A2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

RGGI states invested $1.37B in energy efficiency, renewables from 2008-2014

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Video

COVID-19 Impact & Recovery: Energy Outlook for H2 2021

Blog

Corporate renewables market flourished in 2020 despite pandemic

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective


RGGI states invested $1.37B in energy efficiency, renewables from 2008-2014

From2008 through the end of 2014, the Regional Greenhouse Gas Initiative'sparticipating states invested a total of $1.37 billion in mostly energyefficiency and renewables, according to the report "The Investment of RGGI Proceeds through2014," released Sept. 26.

TheRGGI states — Connecticut, Delaware, Maine, Massachusetts, Maryland, NewHampshire, New York, Rhode Island and Vermont — use a market-basedcap-and-trade program to reduce greenhouse gas emissions from regional powerplants, selling roughly 90% of all emissions allowances through quarterlyauctions and investing proceeds in energy efficiency, renewable energy andother consumer benefit programs.

Fromthe program's inception through September 2016, the RGGI states have held atotal of 33 quarterly auctions, which have cumulatively raised more than $2.58billion. The RGGI participating states are able to choose how they investproceeds from the RGGI auctions, with investment activity falling into fourmajor categories.

From2008 through 2014, energy efficiency accounted for 58% of cumulative RGGIinvestments, while clean and renewable energy represented 15% of the cumulativefigure. Greenhouse gas abatement accounted for 8% of RGGI investments from 2008through 2014, while direct bill assistance comprised 15% of the cumulativetotal.

NewYork netted $728.2 million in auction proceeds from RGGI through the end of2014. Broken down, RGGI investments represented $466.1 million, as $90 millionwas transferred to the state general fund in 2009, and $172.1 million wascommitted to 2015 and future programs.

Maryland'sRGGI proceeds totaled $373.9 million from 2008 through the end of 2014. RGGIinvestments represented $320.5 million, with $53.4 million earmarked for futureprograms.

Massachusettsnetted a total of $316.5 million in auction proceeds during the period from2008 through 2014. According to the report, $11.9 million of that figure wasset aside for future programs. From 2008 through 2014, Connecticutreceived a total of $125.4 million in RGGI auction proceeds. RGGI investmentsrepresented $109.0 million, with $16.4 million committed to future programs.

SNL Image