Requires the development of a generation attribute certification and tracking system by the New York State energy research and development authority; defines generation attribute certificate.
TITLE OF BILL: An act to amend the public authorities law, in relation to requiring the development of a renewable energy credit certification and tracking system by the New York state energy research and development authority
PURPOSE: The purpose of this bill is to prepare a tracking system for renewable energy credits. As New York State moves closer to a market system in which energy is bought and sold through a credit mechanism, it is important to track the creation of the energy generated, as well as when this energy is bought and sold in the marketplace to ensure the credibility of the renewable energy credit market.
SUMMARY OF PROVISIONS:; This bill amends section 1854 of the public authorities law by adding a new subdivision 19.
JUSTIFICATION: This legislation requires the New York State Energy Research and Development Agency (NYSERDA) to establish a tracking system for Renewable Energy Credits (RECs). A REC is defined as the environmental attributes associated with one mega-watt hour of qualified renewable energy generation. NYSERDA will be required to consult with the Department of Public Service staff and the New York Independent Systems Operator in the development of this tracking system. As New York, and the country, moves toward a market based system to stimulate renewable energy generation, New York State must begin to develop the infrastructure necessary to successfully monitor the sale and trade of this energy.
LEGISLATIVE HISTORY: This is a new bill.
FISCAL IMPLICATIONS: To be determined.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 3872--A 2011-2012 Regular Sessions IN SENATE March 8, 2011 ___________Introduced by Sen. MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Energy and Telecommuni- cations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the public authorities law, in relation to requiring the development of a renewable energy credit certification and tracking system by the New York state energy research and development authority THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 1851 of the public authorities law is amended by adding a new subdivision 18 to read as follows: 18. "RENEWABLE ENERGY CREDIT" OR "REC" SHALL MEAN THE ENVIRONMENTAL ATTRIBUTES ASSOCIATED WITH ONE MEGAWATT-HOUR OF QUALIFIED RENEWABLE ENERGY GENERATION. S 2. Section 1854 of the public authorities law is amended by adding a new subdivision 19 to read as follows: 19. TO ESTABLISH A PROCESS AND PROCEDURE FOR CERTIFYING RENEWABLE ENERGY CREDITS AND A SYSTEM FOR TRACKING THE SALE AND TRADING OF RENEWA- BLE ENERGY CREDITS. EACH INITIAL ISSUANCE, SALE, AND TRADING OF RENEWA- BLE ENERGY CREDITS SHALL BE RECORDED IN THE TRACKING SYSTEM AND EASILY REPORTABLE. THE AUTHORITY SHALL CONSULT WITH THE NEW YORK STATE INDE- PENDENT SYSTEM OPERATOR AND THE DEPARTMENT OF PUBLIC SERVICE TO AID IN DEVELOPMENT OF THE RENEWABLE ENERGY CREDIT CERTIFICATION AND TRACKING SYSTEM AND MAY CONTRACT AND DELEGATE RESPONSIBILITY FOR THE OPERATION OF THE SYSTEM TO A THIRD PARTY PENDING APPROVAL BY THE AUTHORITY'S BOARD OF DIRECTORS. SUCH SYSTEM SHALL BE DEVELOPED WITHIN SIX MONTHS OF THE EFFECTIVE DATE OF THIS SUBDIVISION AND SHALL BE COMPATIBLE WITH OTHER SUCH SYSTEMS OPERATING IN OTHER REGIONS OF THE UNITED STATES AND CANADA TO THE GREATEST EXTENT FEASIBLE. IT SHALL ALSO ACCOUNT FOR ENERGY IMPORTS FROM AREAS WITHOUT SIMILAR TRACKING SYSTEMS. S 3. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10062-03-1