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Greenhouse gas auction revenues can help cut Md. electric use significantly, says study
Date:10/22/2008

he report says.

The full CIER report is available online: http://cier.umd.edu/RGGI/index.html.

SPECIFIC FINDINGS

Among the CIER study's findings:

  • CUTS IN ELECTRIC USE: Devoting all revenues toward energy efficiency could cut electricity demand and consumption an additional six percent when compared to the minimum investment strategy, almost entirely by reducing imports from out-of-state generators.
  • CONSUMER SAVINGS: Devoting more of allowance revenues to efficiency will modestly reduce the expenditures on electricity by Maryland consumers. This is due to the combination of small effects on electricity prices and reduced usage. Maximizing auction investments could cut electric bills up to seven percent more than the minimum investment strategy. For the average household, this translates into an additional savings of roughly $72 per year by 2020.
  • GENERATOR PROFITS: Maryland electricity generators would see substantially less than a one percent drop in revenues, regardless of the investment strategy. Reductions in energy usage would primarily translate into a drop in imports from out-of-state generators. Also, generators will tend to pay less at auction as demand drops (see below).
  • AUCTION REVENUES DECLINE: Investments in efficiency will ultimately drive down revenues produced by the auctions. As consumption drops, so will the price generators will be willing to pay at auction. Maximizing investment may translate into an additional nine percent drop in auction revenues compared to the minimum investment level.
  • OVERALL POSITIVE ECONOMIC IMPACT: Maximizing investments in energy efficiencies creates the greatest economic benefit to Maryland in terms of gross state product, employment and wages. Investing 100 percent of auction revenues would translate into an additional half a billion dollars by 2020 and an add
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Contact: Neil Tickner
ntickner@umd.edu
301-405-4622
University of Maryland
Source:Eurekalert

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