RGGI

The New York Independent System Operator (NYISO) credited competitive markets with reducing air pollution by attracting investment in power plant efficiency and clean energy sources, according to a report in Restructuring Today and Platts Electric Power Daily.
 
Stephen Whitely, NYISO’s CEO, stated that competition has combined with carbon control programs like the Regional Greenhouse Gas Initiative (RGGI) to sharply lower emissions of sulfur dioxide, nitrogen oxides and carbon dioxide.

“Competition in wholesale electricity markets has stimulated investments in cleaner generation, increased the use of renewable resources – such as wind power – and encouraged operating changes to improve the overall efficiency of power plants,” said Whitely. 

While Congress and the Obama administration consider how to reduce greenhouse emissions and stimulate clean energy innovation, COMPETE urges all stakeholders involved in climate legislation talks to remember the power of a market-based approach.
 
Established results tell the tale – competitive markets offer the best path forward to achieve America’s energy needs and environmental objectives. In the Northeast, the Regional Greenhouse Gas Initiative (RGGI), which spans parts of two organized competitive electricity markets, is the first mandatory, market-based CO2 emissions reduction program in the U.S. – and it has been working successfully for several years.
 
By phasing in an approach to emissions reductions, set against an established cap, RGGI has provided predictable market signals, regulatory certainty businesses can operate against, and much-needed revenue for participating states. Best of all, the system is supported by the consumers it serves.