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A federal Clean Energy Standard has been proposed as a policy approach to help meet climate change goals. The Biden Administration and some members of Congress are seeking to include it in budget reconciliation, and three variations of the policy have been introduced in Congress. The policy seeks to drive electric power generation to net-zero carbon emissions by requiring utilities to include more clean energy over time. Standards like this already exist in 30 states as renewable portfolio standards. Because of the similarities, many policy analysts believe a federal clean energy standard would be easy to implement. It would also… [more]View Insight
Last week the Senate Energy and Natural Resources Committee, chaired by Senator Jeff Bingaman (D-NM), held a hearing on the Clean Energy Standard Act of 2012 (CESA). Witnesses offered a variety of perspectives on the bill. As discussed during the hearing, the EIA’s Analysis of the Clean Energy Standard Act of 2012 projects an increase in renewable generation, a decrease in carbon emissions, and a hike in electric rates compared to a business-as-usual scenario. Dr. Karen Palmer of Resources for the Future supported many of the EIA’s findings, but added that the small utility exemption — which exempts energy retailers… [more]View Insight
In response to a request from the Senate Committee on Energy and Natural Resources, the Energy Information Administration (EIA) has released its Analysis of Impacts of the Clean Energy Standard Act of 2012. Committee chairman Jeff Bingaman (D-NM), introduced the Act, which aims to increase low-carbon power generation in the U.S. by more than 80% by 2035 utilizing a market-based system of tradable energy credits. Beginning in 2015, utilities would be required to sell an increasing percentage of energy from clean energy sources. Utilities could generate electricity from clean sources to meet the Act’s requirements, or could purchase clean energy… [more]View Insight
Senate Energy & Natural Resources Chairman Jeff Bingaman (D-NM) has introduced the Clean Energy Standard Act of 2012, which would require electric utilities to derive increasing percentages of their supply mix from low-CO2 sources. The bill would take effect in 2015, and would require that by 2035 84% of power from large utilities come from low-CO2 sources. Sources eligible under the legislation include: renewables, such as wind and solar, “qualified” renewable biomass and waste-to-energy, hydropower, natural gas, and nuclear. Facilities with CO2 capture and storage, and some combined heat and power facilities, are also eligible. The bill establishes a market-based… [more]View Insight
In the State of the Union President Obama renewed his commitment to the widespread adoption of renewable power as a critical piece of America’s energy and economic future. In last year’s speech he included a proposal to have 80 percent of US electricity come from renewables by 2035. Even making incremental steps towards these goals requires better access to financing for these renewable energy projects. Energy projects, and particularly renewable energy projects, require a lot of money to build. There appear to be 3 key challenges for a renewable energy company to access capital in today’s market. (1) Low natural… [more]View Insight