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NYSERDA Report States that New York Has Spent Small Amount of RGGI Funds

On September 17, 2009, the New York State Energy Research and Development Authority (NYSERDA) released a report finding that it has spent only a small amount of the proceeds that New York has received from the Regional Greenhouse Gas Initiative (RGGI) due to pending litigation over the RGGI program.

The report said the state has spent $1.7 million of the $127 million it has received from RGGI auctions, primarily on program administration and start-up costs. The report said the NYSERDA has decided to delay spending funds on energy conservation and clean energy programs pending the outcome of a lawsuit filed earlier this year by Indeck Energy.

New York is projected to receive a total of $607 million from RGGI auctions over three years, according to the report. Under state regulations, all of the funds must be spent by NYSERDA on energy conservation and clean energy programs. As of June 30, 2009, New York has sold 38.2 million allowances and received $127.8 million. It is projected to sell 79.2 million allowances in its 2009-2010 fiscal year and 63.4 million allowances in FY 2010-2011 and FY 2011-2012.

Indeck, a cogeneration plant, sued New York in state court in January 2009 to overturn the state regulations that implement RGGI, claiming that the regulations are unconstitutional and were implemented by the governor and state agencies without the necessary statutory authority from the state Legislature.

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This page contains a single entry from the blog posted on September 22, 2009 11:40 AM.

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