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Legislative Components
Published in Gene Beck, Grid Parity, 2020
Let’s compare two states—California and New Jersey. California is a “voluntary” compliance RPS state in the sense that there is a requirement that all investor owned utilities (IOUs) in the state get 20% of the energy they sell from renewable sources by 2010—there is no fiscal “penalty” for non-compliance. New Jersey however, has a penalty associated with a similar compliance mandate for their RPS. As a result, a renewable energy certificate (REC) in California is currently selling for $6.00. That same REC if it were generated in New Jersey had reached a value of over $800.00!8 This is a clear example of both the qualitative impact compliance has, as well as the different costs associated with that compliance mandate on a regional level.
Equipment/Technical/Operational Options
Published in Lindsay Audin, Lowering Your Facility’s Electric Rates, 2020
On the plus side, renewable power may allow a system owner to sell Renewable Energy Certificates (RECs) that represent the environmental attributes (e.g., zero carbon production) of that energy. A robust wholesale market exists for RECs, which are traded every day like other commodities. Most states have Renewable Portfolio Standards (RPS) that require utilities to either generate a portion of their power from renewable sources, or else buy RECs from other power suppliers that do so. The utility then owns the environmental attributes for that power, meaning that a customer generating it cannot count it against its own carbon footprint.
Making the Sale
Published in Eric Koester, Green Entrepreneur Handbook, 2016
Besides being good for the environment, renewable energy generation has a number of other valuable aspects that make it an attractive investment opportunity. For example, a wind project creates tax credits for every watt of energy the wind turbines generate. Some investors may wish to acquire those tax credits to offset tax gains they have elsewhere. Other renewable generation projects such as solar panels or a biomass facility will also generate a valuable resource—renewable energy certificates (RECs). And these RECs can be sold or traded as another asset tied to renewable energy generation.
Environmental policy stringency, renewable energy consumption and CO2 emissions: Panel cointegration analysis for BRIICTS countries
Published in International Journal of Green Energy, 2020
Yemane Wolde-Rufael, Eyob Mulat Weldemeskel
In addition to stringent environmental policies and regulations, renewable energy is now at the forefront of combating environmental degradation and it is becoming one of the most effective ways of promoting sustainable environmental and economic growth. Moreover, renewable energy is one of the environmental policy issues included to create a composite measure of relative policy stringency, the environmental policy stringent index.4This include Renewable Energy Certificates (RECs), also known as green energy certificates or tradable renewable certificates that show proof that energy has been generated from renewable sources such as solar or wind power.
Backup capacity coordination with renewable energy certificates in a regional electricity market
Published in IISE Transactions, 2018
Yingjue Zhou, Tieming Liu, Chaoyue Zhao
Renewable energy, typically wind power or solar power, has become an important source in electricity markets (Hammons, 2008). To promote the growth of renewable energy generation, many countries in Europe and more than 30 states in the United States have established the Renewable Portfolio Standard (RPS) regulations in their electricity markets. The RPS regulation requires that a certain percentage of the supplied electricity must be from renewable sources, and the RPS percentage increases gradually per year. For example, the European Union is aiming to generate 20% of its electricity from renewable sources by 2020 and 27% by 2030. In the United States, Illinois has set a 25% target with mandatory RPS regulation to be reached by 2025; California has set mandatory RPS targets of 33% by 2020, 40% by 2024, 45% by 2027, and 50% by 2030; New York’s RPS targets are 29% by 2015 and 50% by 2030 (Durkay, 2017). Under the RPS framework, the markets of renewable energy certificates (RECs) have been established, which allow renewable suppliers to sell their surplus RECs to other suppliers who do not meet the RPS requirements.
Wind energy potential, development and current trends in India: a review
Published in International Journal of Ambient Energy, 2018
Wind Power Project Policy, 2012 – It is a policy to be implemented in projects of power generation using wind energy in the state of Madhya Pradesh.Electricity Act, provision of tariffs by the states (2000–2008).National offshore wind energy policy, 2015 – Those who have taken the contract to generate electricity offshore have to start the production within a given period of time.Renewable Purchase Obligation (RPOs) is the obligation mandated by the Central/State Regulatory Commission and is applicable to distributors and it is mandatory for them to generate a certain percentage of electricity from renewable sources.Penalties for non-compliance announced by few states.Renewable Energy Certificate (REC) – It is a certificate given as proof that 1 MWH energy has been generated.