Inside CT’s Unique Renewable Energy Credit ProgramDec 5th, 2012 | By Environmental Headlines -- CT environmental news | Category: Energy
In hopes of spurring development of low-cost clean energy projects, Connecticut has taken a different approach to its newly established renewable energy credit (REC) market by conducting reverse auctions and offering project developers fixed-price, long-term contracts.
Created under the Energy Act of 2011, the Zero-Emissions Renewable Energy Credit and Low-Emissions Renewable Energy Credit (ZREC/LREC) program requires Connecticut Light and Power (CL&P), which serves over 1.2 million customers, and United Illuminating (UI), which serves approximately 325,000 customers, to seek out and purchase $12 million combined worth of RECs annually for six years. In return, the utilities can use the RECs to meet Connecticut’s 20% by 2020 renewable portfolio standard, and because the program is paid for with ratepayer dollars, the costs are recoverable.
For more on this story, visit: Renew Grid: Inside CT’s Unique Renewable Energy Credit Program.