Regional Greenhouse Gas Initiative (RGGI) is a cooperative effort cap and reduce CO2 emissions from the power sector.
- Caps carbon emissions from power plants in the Northeast (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont)
- Requires power plants to purchase an allowance at auction for each ton of carbon dioxide they emit.
- Proceeds from the auctions are used for energy efficiency initiatives.
- The program’s goal is to reduce carbon dioxide emissions from power plants by 10 percent by 2018.
In its second term, it was changed, shifting the money generated by the sale of allowances
- Away from funding individual energy efficiency projects under the control of a quasi-independent commission
- To paying for core energy efficiency programs run by the major electric utilities and sending refunds to ratepayers.
The RGGI board of directors voted to lower the emissions cap on fossil fuels.
- 2013 House Bill 306 incorporated the changes approved by the RGGI board,
- The bill passed and was signed into law.
$17 million and 458 jobs were added to NH’s economy in the first three years.
The program adds an average of 46 cents to the average ratepayer’s monthly bill.