New York State Department of Public Service Issues Document on Clean Energy Fund Optimization

Strategic Insights -

The New York State Department of Public Service has issued a document regarding the optimization and continuation of the Clean Energy Fund (CEF) portfolio. The Clean Energy Parties, consisting of the Natural Resources Defense Council, Alliance for Clean Energy New York, New Yorkers for Clean Power, and the Nature Conservancy, have submitted comments in response to a petition filed by the New York State Energy Research and Development Authority (NYSERDA) regarding the triennial review of the CEF portfolio.

Key Takeaways:

  • The Clean Energy Fund will play an essential part in achieving the Climate Leadership and Community Protection Act (CLCPA) climate and clean energy goals.
  • The CEF is the State's primary source of funding to attract and leverage private sector investment necessary to achieve the CLCPA goals.
  • The Commission recognized the importance of clean energy by initially establishing the CEF as a 10-year program (through 2023).
  • The ARRA helped create nearly one million clean energy jobs and resulted in the weatherization of over one million homes by expanding energy efficiency programs.
  • NYSERDA's analysis suggests a net benefit of $17.3 billion from the proposed procurement schedules, taking into account electric system values and avoided carbon emissions.
  • The CEF's refined focus on increased state-local coordination, regional hubs, and adoption of advanced building codes and standards will play a key role in achieving CLCPA targets.

Statistics:

  • $17.3 billion: Net benefit from proposed procurement schedules.
  • $7.7 billion: Benefit from the 2021 to 2026 Tier 1 procurements.
  • $9.6 billion: Benefit from the 2021 to 2027 offshore wind procurements.
  • 40%: Goal for benefits of future spending to be directed toward disadvantaged communities.
  • $343 million: Remaining budget for NYC-Sun program.
  • 6 GW: Goal for distributed solar installations by 2025.
  • 3 GW: Distributed solar target for 2023.

Sources:

  • Case 14-M-0094 - Proceeding on Motion of the Commission to Consider a Clean Energy Fund
  • Case 10-M-0457 - In the Matter of System Benefits Charge
  • Case 07-M-0548 - Proceeding on Motion of the Commission Regarding an Energy Efficiency Portfolio Standard
  • Case 03-E-0188 - Proceeding on Motion of the Commission Regarding a Retail Renewable Portfolio Standard
  • Case 13-M-0412 - Petition of the New York State Energy Research and Development Authority to Provide Initial Capitalization for the New York Green Bank
  • White Paper on Clean Energy Standard Procurements to Implement New York's Climate Leadership and Community Protection Act (June 18, 2020)
  • Clean Jobs America 2020: Repowering America's Economy in the Wake of COVID-19 (April 2020)
  • The Promise of Climate Resilience and Biden's Jobs Plan (https://www.nrdc.org/experts/rob-moore/promise-climate-resilience-and-president-bidens-jobs)