Electricity Pylon, Power Grid, YSG Solar
October 7, 2019

In a report released last week, the NYISO (New York Independent System Operator) laid out the benefits of putting a price on CO2 (carbon dioxide) emissions from the energy sector—a key benefit being the potential for savings of up to $3.25 billion for consumers

 

In the report, the NYISO outlined proposed benefits of CO2 pricing including, but not limited to:

 

  1. Increased renewable energy development.
  2. Encouragement of transition from fossil fuel-based to electric-based heating/cooling systems.
  3. Improved and expanded infrastructure for EV (electric vehicle) charging.
  4. Creation of market efficiencies with the potential for $3.25 billion long-term consumer savings.

 

The report, linked here, is primarily concerned with the potential economic impact of carbon pricing on NYISO’s wholesale electricity markets. With this report, the NYISO have highlighted the potential impact of the carbon pricing plan working in tandem with Governor Andrew Cuomo’s aggressive climate policies. These policies require New York to hit net-zero economic greenhouse gas emissions by 2050 and the grid operator is confident that their plan would complement the policies effectively. 

 

The plan, which has been in development since 2018, seeks to factor the social cost of CO2 emissions into wholesale energy markets. NYISO would achieve this through the use of carbon pricing—in the form of dollars per ton of CO2 emissions

 

Perhaps the most enticing part of the proposed NYISO plan is the potential for consumer savings. In the report, the NYISO claims that consumer savings would be between $605 million and $3.25 billion for the time period of 2022 to 2026. 

 

If the plan is to go ahead successfully, the NYISO will need to get some major figures on board—including Governor Cuomo, the New York State Department of Public Service and New York Power Authority.



A solar panel installation is a simple, cost-effective way to cut your own carbon emissions and start saving money right away. Contact YSG Solar today at 212.389.9215 to learn how much you could save.

 

By Shane Croghan

 

Sources:

https://www.eenews.net/stories/1061192681

https://www.eenews.net/assets/2019/10/03/document_ew_01.pdf