Northeast's Greenhouse Gas Trading Program Will Save Customers $1.3 Billion
New analysis of the effects of the Regional Greenhouse Gas Initiative, a carbon emission trading program in ten Northeast and Mid-Atlantic states, will save electricity, natural gas and heating oil customers $1.3 billion over the next decade. The savings will come from installation of energy efficiency measures funded by emission permit auctions under the program.
The study, done by the Analysis Group, goes on to say that the economy in the area covered under the program will see more than $1.6 billion in added economic value.
RGGI will also result in: 16,000 additional jobs; reduce demand for fossil fuels to such a degree that an additional $765 million will stay in the local economy; a reduction in $1.6 billion lower revenue for power plant owners, though between 2009-2011 RGGI resulted in power plant owner's revenues increasing.
RGGI states that by 2018, the regional power generation sector will reduce greenhouse gas emissions by 10%.