Regional Greenhouse Gas Initiative

Section 125-O:21

[RSA 125-O:21 repealed by 2012, 281:11, II, effective as provided by 2012, 281:17.]
    125-O:21 Carbon Dioxide Emissions Budget Trading Program. –
I. The department shall establish and enforce a CO2 emissions budget trading program consistent with this subdivision that shall be in substantial accordance with the RGGI program.
II. The program shall include a statewide budget allowance total for each year calculated as follows:
2019 4,184,333 minus FCPBA minus SCPBA
2020 4,079,725 minus FCPBA minus SCPBA
2021 3,960,999 minus TBA
2022 3,842,274 minus TBA
2023 3,723,549 minus TBA
2024 3,604,823 minus TBA
2025 3,486,098 minus TBA
2026 3,367,373
2027 3,248,648
2028 3,129,922
2029 3,011,197
2030 and thereafter 2,892,472

III. The department shall make available for sale at one or more auctions all of the budget allowances for a given year, except for those granted or reserved under RSA 125-O:22, VI and RSA 125-O:25. The department may also make available for sale at one or more auctions a portion of future year budget allowances. Such auctions may be conducted in coordination with other states. Revenues from the sale of allowances shall be deposited in the energy efficiency fund established under RSA 125-O:23.
III-a. Budget allowances that are required to be made available for sale at auction under paragraph III, but remain unsold, shall not be retired by the department, and may be used for cost containment purposes under RSA 125-O:29.
IV. [Repealed.]
V. [Repealed.]
VI. The department and the commission shall report on an annual basis to the air pollution advisory committee under RSA 125-J:11 and the legislative oversight committee to monitor the transformation of delivery of electric services under RSA 374-F:5, on the status of the implementation of RGGI in New Hampshire, with emphasis on the prices and availability of RGGI allowances to affected CO2 sources, consumer protection mechanisms, and the trends in electric rates for New Hampshire businesses and ratepayers. The report shall include but not be limited to:
(a) The number of allowances sold in the RGGI program and the type of entities purchasing allowances;
(b) The number of unsold allowances in the RGGI program;
(c) The available price data of allowances from the regional auction and secondary markets;
(d) Market monitoring reports;
(e) The CO2 emissions by affected source, state, and RGGI region;
(f) The spending of revenues from auction allowances by each RGGI state; and
(g) [Repealed.]
(h) The status of any proposed or adopted federal CO2 cap and trade program, the impact on New Hampshire's RGGI program, and recommendations for any proposed legislation necessary to accommodate the federal program; and
(i) Effectiveness of allowance price control and consumer protection mechanisms, including, but not limited to, cost containment reserves, cost thresholds, and consumer rebates.
VII. The department may establish and enforce the CO2 emissions budget trading program in cooperation and coordination with other states or countries that are participating in regional, national or international CO2 emissions trading programs with the same or similar purpose including:
(a) Entering into any agreement or arrangement with the representatives of other states, including the formation of a for-profit or non-profit corporation, any form of association or any other form of organization, in this or another state; and
(b) Participating in any such corporation, association, or organization, and in any activity in furtherance of the purposes of this subdivision, in any capacity including, but not limited to, as directors or officers.
VIII. Any actions taken under this subdivision by the department or the commission shall not constitute a waiver of sovereign immunity and shall not be deemed consent to suit outside of New Hampshire.

Source. 2008, 182:2. 2012, 281:3, 10, III. 2013, 236:6-9, eff. Jan. 1, 2014. 2018, 253:3, eff. Aug. 11, 2018. 2019, 184:5, 6, 9, 10, I, eff. Sept. 8, 2019.