Source: “Regional Investment of RGGI CO2 Allowance Proceeds, 2012”, February 2014
RGGI reported these results:
- $1.8 billion in energy savings over the lifetime of measures
- 8 million MWh of electricity saved
- 37 million MMBTU of fossil fuels saved
- 7.1 million short tons of carbon dioxide emissions avoided
To be fair, RGGI is only one source of energy efficiency funding in the Northeast and Mid-Atlantic. Money also comes from utility charges to ratepayers, the ISO England forward capacity market, federal funds, and other sources. Massachusetts, alone, expects to accrue $1.6 billion in funds from various places for its 2013-2015 energy efficiency plan, with RGGI contributing about $90.9 million.
So RGGI’s not the secret sauce entirely, but it’s an important ingredient, one that’s helping to keep the Northeast and Mid-Atlantic in the top tier nationally for energy efficiency. If discussion of federal cap and trade gets serious again – a big if – these RGGI numbers deserve a look.
The RGGI report, with state by state funding information, is available here.
Could the RGGI model work nationally to reduce energy use? What do you think? Please post your thoughts on the Energy Efficiency Markets LinkedIn Group.