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Climate Change

Climate Change. John Sherwell PPRP. Two major initiatives. 1 – RGGI http://www.rggi.org/ All NE states except PA Component of the HAA Affects fossil generating units >25MW A cap-and-trade program Stabilize emissions at current levels from 2009 through 2015,

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Climate Change

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  1. Climate Change John Sherwell PPRP

  2. Two major initiatives 1 – RGGIhttp://www.rggi.org/ • All NE states except PA • Component of the HAA • Affects fossil generating units >25MW • A cap-and-trade program • Stabilize emissions at current levels from 2009 through 2015, • then to achieve a 10% reduction in emissions by 2019.

  3. Compliance RGGI Inventory • Own allowances to cover emissions • Reduce emissions • Credits from offset projects

  4. Owning allowances Each state sets fraction to auction (>25%) MD ~100% allowance auction Allocations for new generation economics [PPA terms] renewables

  5. Auctions Four RGGI-wide auctions/year (2 in 2008) First auction announced – Sep 25 2009 compliance year allowances Reserve price $1.86 12,565,387 allowances on auction MD placed 5,331,781 allowances on auction Not all states are participating – regs not in place MD regs final authorize: trading program, auction Next auction in Dec

  6. Auctions Uniform price, sealed bid, one round format Bids are in blocks of 1,000 allowances Can’t bid for more than 25% of allowances Demand < supply Allowances sell at reserve price Demand > supply Allowances sell at marginal price MEA recipient of MD net revenues

  7. Emission Reductions • Credits for early reductions Switching from oil to gas – summertime • Biofuels Biodiesel in CTs Other biomass co-firing

  8. Offsets • RGGI compliance offsets currently limited to: • Landfill methane capture and destruction; • Reduction in emissions of sulfur hexafluoride (SF6); • Sequestration of carbon due to afforestation; • Reduction or avoidance of CO2 emissions from natural gas, oil, or propane end-use combustion due to end-use energy efficiency; and • Avoided methane emissions from agricultural manure management operations.

  9. Two major initiatives 2 - Maryland Commission on Climate Change • Formed April 20, 2007 by Executive order of Governor O’Malley • At a minimum reduce GHG emissions • To 1990 levels in 2020 • 80% from 2006 levels by 2050 • Working groups formed for planning

  10. Working Groups • Scientific and Technical • UM lead • Greenhouse Gas and Carbon Mitigation • MDE lead • Agriculture, Forestry and Waste Management • Cross Cutting • Energy Supply • Residential, Commercial and Industrial • Transportation and Land Use • Adaptation and Response • DNR lead • Existing Built Environment and Infrastructure • Future Built Environment and Infrastructure • Resource and Resource-based Industries • Human Health, Safety and Welfare

  11. 2-Phase Approach • Phase 1 – develop policy options • Report delivered the Office of the Governor • Coming soon to a website near you • (http://www.mdclimatechange.us/) • Phase 2 – develop implementation plans • Agencies develop plans early 2009

  12. Questions?

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