Bill > HB1738

This bill updates New Hampshire's participation in the Regional Greenhouse Gas Initiative (RGGI), a multi-state program aimed at reducing carbon dioxide emissions from power plants. The bill makes several key changes, including reducing the carbon dioxide emissions budget allowances for 2027 through 2030, with progressively lower caps each year, starting at 2,993,220 allowances in 2027 and dropping to 1,870,763 allowances in 2030 and thereafter. The bill also establishes a new cost containment mechanism with two tiers of additional allowances that can be released if CO2 allowance auction prices reach certain trigger points (for example, up to 503,667 allowances if the price reaches $19.50 in 2027, and an additional 503,667 allowances if the price reaches $29.25). The bill eliminates previous definitions related to early reduction allowances, offset allowances, and banked allowances, and modifies the definition of a "regional organization" and "RGGI allowance". Additionally, the bill introduces stricter penalties for affected CO2 sources that fail to obtain sufficient RGGI allowances, requiring them to surrender three allowances for each allowance they were short in the next compliance period. The changes are intended to implement the third RGGI Program Review and are expected to maintain auction participation while providing continued ratepayer benefits through energy efficiency rebates.

Budget and Finance, Business and Industry

https://gc.nh.gov/bill_Status/billinfo.aspx?id=1849&inflect=2