![]() So would middle-income households without a car in New York City. Low and moderate-income households that have a gas vehicle and rely on fossil fuel heating (the majority outside New York City) will see a net cost increase in 2025. Because about a third of the revenue would be distributed to low- and moderate-income households, impacts would be somewhat offset. Households across New York would pay higher prices for fossil fuels. The use of a price ceiling, which limits the costs of the program, “will require additional actions to fully achieve” the state’s emissions limits, said NYSERDA’s Vlad Gutman-Britten during a webinar detailing the modeling results. The size of the accelerated adoption of clean energy depends on how high the price of emissions are allowed to climb. The use of on-road diesel would drop more than 40 percent by 2035. More electric and hydrogen fuel-cell trucks would be on the road. The cap-and-trade program and investments would drive reductions in the use of oil and gas for residential heating and spur faster adoption of heat pumps, according to the modeling. One-third would be rebated to consumers and businesses, although the mechanism for that hasn’t yet been determined and requires further legislative action. In 2025, the amount available for investments would be between $2 billion and $3.2 billion. Between $4 billion and $8 billion (two-thirds) would be available for investments. The total revenue raised is estimated to be between $6 billion and $12 billion annually by 2030. The modeling focused on allowances with a capped price of $23 per ton of carbon dioxide equivalents or less in 2025 and $54 in 2027. The program would cap emissions and auction off “allowances” to emit planet-warming gasses to gas utilities, fuel wholesalers and other large emitters. Kathy Hochul’s administration has finally done more in-depth modeling of the costs and benefits of a proposed cap-and-trade program dubbed “cap and invest” by policymakers. And if you like this letter, please tell a friend and/or loved one to sign up.ĬAP AND INVEST IMPACTS: Gov. HAPPY MONDAY MORNING: Let us know if you have tips, story ideas or life advice. The company has spent hundreds of millions of dollars in the area upgrading its power system to prevent the kinds of outages caused by Sandy in 2012. Ultimately, NJ Transit justified its decision to cancel the project by citing long-known improvements to the grid after Sandy by the state’s largest utility, PSE&G. Phil Murphy’s environmental legacy - at the same time he is setting a goal of having 100 percent clean power in the state by the middle of the next decade, his administration was looking to build a fossil fuel-powered energy system for one of the nation’s largest mass transit agencies. But building it would have complicated Gov. The Passaic Valley Sewerage Commission is still working on a similar project. The idea to build the power plant - as well as getting federal transportation money to help pay for it - followed power outages that idled NJ Transit trains after Hurricane Sandy. Federal officials approved the agency’s request to spend a half-billion dollars earmarked for the plant on other resiliency projects. ![]() The decision, announced Friday, makes it easier for NJ Transit to help the state meet its ambitious climate change goals and ends a fight that has consumed the agency for years. NJ TRANSIT GIVES UP ON GAS PLANT - POLITICO’s Ry Rivard: New Jersey Transit is killing its plans to build a controversial gas-fired backup power plant in North Jersey. We’ll take a look at the week ahead and look back on what you may have missed last week. ![]() Good morning and welcome to the weekly Monday edition of the New York & New Jersey Energy newsletter. ‘Cap and invest’ costs, benefits detailed
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