RGGI Continues to Fail NH Ratepayers
WINDHAM – Americans for Prosperity – New Hampshire today is continuing to call for the removal of NH from the Regional Greenhouse Gas Initiative (RGGI), a cap-and-trade program that taxes NH electricity ratepayers.
“Since the start of the RGGI program, the price of the allowances has decreased while the electricity bills of NH ratepayers have increased,” said Corey R. Lewandowski, State Director of Americans for Prosperity-New Hampshire. “It is time to remove our state from this failed cap-and-trade program and remove this burden from NH individuals and small businesses once and for all.”
The Public Utilities Commission recently submitted their agency budget to the Governor’s Office projecting $45million in sales from the RGGI program. An independent study revealed that in FY 2012 the RGGI auctions brought in under $2million and are projected to generate $5.7million this year.
“The recent Public Utilities Commission budget submission is full of hot air,” Lewandowski continued. “As the market continues to fail, there is no reason to believe that the RGGI program will generate such a significant increase in revenue. While it is very unlikely that RGGI will generate $45million in sales for our state, what is certain is that as long as we remain in this failed program, NH ratepayers will continue to pay more for electricity.”
During the last legislative session, HB 1490, a compromise bill that replaces the greenhouse gas emission reduction fund with the energy efficiency fund, lowers the rebate threshold for auction proceeds to $1, and allocates the remaining proceeds received by the state from the sale of allowances to core energy efficiency programs funded by system benefits charges became law this year without signature. The bill also contained a provision that New Hampshire would remove itself from RGGI if two or more New England states withdraw or agree to withdraw from participating in the initiative or if a state which has at least 10 percent of the total load of the New England states participating in the initiative withdraws or authorizes withdrawal from participation in the initiative.
“Some progress was made with regard to RGGI during the last legislative session,” continued Lewandowski. “We look forward to working during the next session to remove NH from RGGI.”