State News Highlights

New York 

N.Y. Approves $5 Billion Clean Energy Fund
by Gerald B. Silverman, Bloomberg BNA
21 January 2016

Key Development: The New York State Public Service Commission approves the creation of a $5 Billion Clean Energy Fund.

What's Next: The fund will provide support for climate change programs, including storm resiliency and clean energy.

 
The New York State Public Service Commission approved the creation of a $5 billion Clean Energy Fund (No. 14-M-0094) on Jan. 21 to provide funding for clean energy programs, severe weather resiliency measures and other climate change programs.
 
The fund, part of Gov. Andrew M. Cuomo's (D) climate change agenda, is expected to leverage an additional $29 billion in private sector investments, Cuomo said in a statement.
 
The Commission approved the fund along with other measures, including the creation of a proceeding to develop a Clean Energy Standard.
 
Cuomo said the fund will pay for projects that will eventually reduce 133 million tons of carbon emissions. In addition, he said energy bills for residential and business customers will be reduced by $39 billion over the next 10 years, as a result of the energy savings.
 
The fund will be supported by an existing charge on ratepayer bills called the system benefits charge. It will also be supported by a charge for the state's renewable portfolio standard.
 
For More Information
A news release announcing the fund is available at http://www.governor.ny.gov/news/governor-cuomo-launches-5-billion-clean-energy-fund-grow-new-york-s-clean-energy-economy.





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