NJ missing out on RGGI benefits
Fierce Energy, September 10, 2014Since 2011, New Jersey has lost out on more than $114 million in potential revenue from pulling out of the Regional Greenhouse Gas Initiative (RGGI), a cooperative effort among nine states to cap and reduce CO2 emissions from the power sector, according to a new report from ENE.
In the latest RGGI auction, participating states raised $88 million. New Jersey would have taken in $11.6 million if the state were still participating. By 2020, New Jersey could miss out on another $387 million. Investing this $500 million of lost revenue in energy efficiency could generate savings equivalent to the output of all of New Jersey’s coal plants from 2010-2012, according to the report.
