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Regional Climate Alliances Spring 2008. 2/27/2007 15% below 2005 by 2020 cap and trade. 11/15/2007 set emissions targets by 11/15/08 ~60-80% cuts by ???? (2040?) cap and trade; C inventory, reporting full implementation by mid-2011. 12/20/2005 cap emissions at current levels

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Presentation Transcript
slide1

Regional

Climate

Alliances

Spring 2008

2/27/2007

15% below 2005 by 2020

cap and trade

11/15/2007

set emissions targets by 11/15/08

~60-80% cuts by ???? (2040?)

cap and trade; C inventory, reporting

full implementation by mid-2011

12/20/2005

cap emissions at

current levels

by 2009, reduce

by 10% by 2019

http://www.pewclimate.org/what_s_being_done/in_the_states/regional_initiatives.cfm

slide2

Regional

Climate

Alliances

Spring 2010

Dec 20, 2005, eff. 1/1/09

Nov 15, 2007, in devt

Feb 26, 2007, eff. 1/1/12 (goal = -15% of 2005

levels by 2020)

June 25, 2008, not eff. yet

slide3

Regional

Climate

Alliances

Spring 2012

Transportation Climate Initiative

(2010 declaration from 11 states)

slide4

X

X

Regional

Climate

Alliances

Spring 2013

X

X

X

X

* no action since 2010

* now only CA and Canadian provinces

slide5

Regional Greenhouse Gas Initiative (RGGI)

  • set regional limits on GHG emissions from electric power plants & transportation
  • based on “Model Rule”, but each state can design their own strategy
  • for implementation (state targets set for 2009 emissions)
  • came into force in 2009
  • power plant emissions remain constant through 2014, fall by 10% by 2018
  • “cap & trade” mechanism: each state will set GHG limits and then issue
    • permits equal to the tons of CO2 allowed by the cap
slide6

Basic elements of Model Rule:

  • applicability: applies to fossil fuel-fired electric generating units >25MW
  • (covers 25% of regional GHG emissions)
  • 2) size & structure of cap:
  • a) states must stabilize power sector CO2 emissions at 2009 emissions during implementation (2009-2014)
  • b) then reduce emissions by 2.5%/yr for 2015-2018
  • (total reductions of 10% below 2009 levels by 2018)
  • 3) permitting: each CO2 source must have approved CO2 budget emission monitoring plan (EMP); developed by state energy regulators
  • 4) allowance allocation: most CO2 allowances auctioned off (vs. ETS)
  • 25% allowances to support consumer benefit programs
  • 5) temporal flexibility mechanisms:
  • facilities can “bank” or “rollover” CO2 allowances
  • early reduction allowances granted for early demonstrated reductions
  • extended compliance period
  • 6) price triggers:
  • stage 1: if CO2 allowance cost >$7, CO2 offsets can increase
  • stage 2: if CO2 allowance cost >$10, CO2 offsets increase more,
  • compliance period extended, international CO2 credits allowed
slide7

Basic elements of Model Rule: (cont)

  • emissions monitoring: CO2 unit must install and certify monitoring system, report quality-controlled data (borrows from EPA acid rain program)
  • offsets: awards CO2 offset allowances to projects outside capped sector that sequester/reduce CO2 emissions (limited to 3.3% of unit’s total compliance obligation)
  • - must prove “additionality”
  • Who stands to gain here?
  • Who stands to lose?
  • Or is it that simple?
  • What would you do as a power company in a RGGI state?
  • What is leakage? and how does it impact RGGI?
slide8

LEAKAGE

  • - a shift of electricity generation from capped sources subject to RGGI to higher-emitting sources not subject to RGGI.
  • -impossible to predict ahead of time (market and political forces unknown)
  • -RGGI proposes to:
  • track load vs. generation
  • monitor C-intensive nature of non-RGGI power
  • policy options:1) reduce electricity demand (efficiency), so indirectly reduce leakage
  • 2) limit the amount of CO2 (<xx lbs CO2/MWh) that could be “emitted” through long-term purchasing agreements between RGGI utilities and regional power plants
  • 3) emissions portfolio standard
slide9

How did the states dole out allowances?

  • different than ETS, most allowances auctioned off;
  • last auction in December, 2012: 100% of allowances auctioned off
slide10

How much money did they make?

Across three past CO2 allowance auctions, cost ~$1.93/ton

slide11

How much did it cost the average customer?

Distributing the CO2 allowance costs around the ratepayers in those

States, RGGI costs added $0.43/month to the average electric utility bill.

Where did all this money go?

slide15

Improvements Feb 13 2013

  • will cut 2014 allowance by 45%, decrease by 2.5% thereafter
  • (goal is to reduce emissions by 45% below 2005 levels by 2020)
  • cost containment = $4/ton in 2014, $6 in 2015, up to $10 in 2017
  • (estimate additional $2.2billion in funds for reinvestment)
  • new forestry offset protocol
  • better tools to address “leakage”
slide16

Categories of State GHG activities

  • Vehicle Emissions Standards
  • Renewable Portfolio Standards
  • 3) Efficiency Standards/Programs
  • 4) Cap and Trade programs

Most content in the following section from

Center for Climate and Energy Solutions (c2es.org)

slide17

Vehicle Greenhouse Gas Emissions Standards – California leads the way

2002: CA passes law requiring 30% emissions reductions by 2012

2002-2007: EPA stalls on granting CA waiver to step outside

federal emissions standards in response to industry complaints

2007: CA files lawsuit against EPA for stalling

2009: EPA grants CA waiver to set standards *if* changes to 2016 timelines

to be consistent with Obama CAFE standards

slide18

Federal Corporate Average Fuel Economy (CAFÉ) standards

CAFÉ standards

current: 35.5 by 2012-1016

future?: 54.5 by 2025

slide21

Low-carbon Fuel Standard: a lifecycle analysis of trans. fuel sources

Ex from California: fuel providers

must reduce C intensity of fuel mix

10% by 2020

slide22

Renewable Portfolio Standards

Ranges from:

CA: 33% by 2020

TX: 5% by 2015

NY: 30% by 2015

CO: 30% by 2020

NC: 12.5% by 2021

slide25

Hydraulic Fracturing

Chemical Disclosure Map

slide26

Public benefit funds

Net metering programs

allows costumers to sell electricity

back to grid

through electricity bills and/or

utility charges

Green Pricing

GaPower optional:

$5/100kwhr;

green power

w/ 50% solar;

~$50/month

additional cost