Pace Applauds Publication of Clean Energy Standard Cost Study

April, 08, 2016
Jordan Gerow
Energy and Climate Law Advisor
Renewable Energy

April 8, 2016

FOR IMMEDIATE RELEASE

Pace Energy and Climate Center Applauds Issuance of Clean Energy Standard

Cost Study, Demonstration of Net Program Benefits

 

The Pace Energy and Climate Center applauds the New York Department of Public Service for the finalization of its cost study of Governor Cuomo’s Clean Energy Standard, issued April 8th, 2016. The Center especially noted that the study addressed carbon emissions, which are driving climate change, and which must be addressed as part of sound energy decision making.

The Clean Energy Standard, the centerpiece of New York’s transition to a clean, sustainably-powered future, will support a huge leap forward to shrinking New York’s greenhouse gas footprint, and is the foundation for development of a market structure that will bring renewable development dollars into the state and grow New York’s clean economy.

The cost study issued today bears out the net benefits of this program to New York ratepayers, showing a substantial benefit to the state over both the 2023 and 2030 timeframes. Critical to arriving at this value is the study’s accounting of the cost of carbon, an essential tool for understanding the too-often unaccounted for cost of carbon pollution from fossil-fired power generation.

“The bottom line of this study confirms what we’ve long advocated at Pace—when you account for the cost of carbon and other so-called externality costs, the transition to clean energy economy makes its own business case,” said Karl Rábago, Executive Director of the Pace Energy and Climate Center. “We look forward to working with the Governor and the Department of Public Service in implementing the Clean Energy Standard.”

The Clean Energy Standard cost study set a path for further policy and market development. Pace looks forward to working with Department of Public Service staff and other stakeholders to develop this program going forward.