Bill Text: NY S06605 | 2017-2018 | General Assembly | Introduced

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Bill Title: Creates zero carbon emission investment program and fund; proceeds collected from the auction or sale of carbon dioxide emission allowances administered under the regional greenhouse gas initiative shall be used to fund the zero carbon emission investment program.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-06-08 - RECOMMIT, ENACTING CLAUSE STRICKEN [S06605 Detail]

Download: New_York-2017-S06605-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6605
                               2017-2018 Regular Sessions
                    IN SENATE
                                      June 6, 2017
                                       ___________
        Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
        AN ACT to amend the public authorities law and the state finance law, in
          relation to creating the zero carbon emission investment  program  and
          zero carbon emission investment program fund
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Article 8 of the  public  authorities  law  is  amended  by
     2  adding a new title 9-B to read as follows:
     3                                  TITLE 9-B
     4                   ZERO CARBON EMISSION INVESTMENT PROGRAM
     5  Section 1900. Short title.
     6          1901. Definitions.
     7          1902. Zero carbon emission investment program.
     8          1903. Administration by the authority.
     9          1904. Calculation of awards.
    10          1905. Annual reporting.
    11          1906. Funds administration.
    12    § 1900. Short title. This title shall be known and may be cited as the
    13  "zero carbon emission investment program".
    14    §  1901. Definitions. As used in this title, the following terms shall
    15  have the following meanings:
    16    1. "Avoided emissions" means the estimate of co2 emissions, as  calcu-
    17  lated  by  the authority, that would have been released if a zero carbon
    18  emitter had not existed.
    19    2. "Authority" shall have the same meaning as in  subdivision  two  of
    20  section eighteen hundred fifty-one of this article.
    21    3.  "Zero  carbon emitter" means a facility that uses atomic energy to
    22  generate electricity.
    23    4. "Atomic energy" means all forms of energy released in the course of
    24  nuclear fission or nuclear transformation.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13102-03-7
        S. 6605                             2
     1    5. "Clearing price" means the average of the quarterly Regional Green-
     2  house Gas Initiative auction clearing prices for the current year.
     3    §  1902.  Zero carbon emission investment program. Within three months
     4  of the effective date of this title, the public  service  commission  is
     5  hereby  authorized  and  directed  to establish the zero carbon emission
     6  investment program.
     7    § 1903. Administration by the authority.  Within  six  months  of  the
     8  effective  date  of  this  title, the authority is hereby authorized and
     9  directed to administer the zero carbon emission investment program.  The
    10  authority  shall implement the program as set forth by the department of
    11  public service, in consultation with the power authority of the state of
    12  New York, and the department of environmental conservation. The authori-
    13  ty is authorized and directed to:
    14    1. use monies made available for the program pursuant to section nine-
    15  teen hundred six of this title to achieve the purposes of  the  program,
    16  specifically to award zero carbon emitters for avoided emissions;
    17    2. ensure monies are made available to qualifying zero carbon emitters
    18  no  less than sixty days after the final quarterly auction of that year;
    19  and
    20    3. exercise such other powers as are necessary for the proper adminis-
    21  tration of the program as directed and authorized by the  department  of
    22  public service.
    23    § 1904. Calculation of awards. The authority shall calculate and issue
    24  an  award  to  each  zero  carbon  emitter  in the following manner: the
    25  authority shall take the average of the four quarterly auction  clearing
    26  prices  of  the most recent year multiplied by fifty percent of the zero
    27  carbon emitter's avoided emissions to determine such award. The authori-
    28  ty shall calculate the annual avoided emissions for each facility.
    29    § 1905. Annual reporting. No later than October  first,  two  thousand
    30  eighteen and October first of each year thereafter, the president of the
    31  authority  shall  issue  an annual report to the governor, the temporary
    32  president of the senate, the speaker of the assembly, the minority lead-
    33  er of the senate and the minority leader of the assembly concerning  the
    34  authority's  activities  related  to the zero carbon emission investment
    35  program created pursuant to this title.
    36    § 1906. Funds administration. The authority shall ensure that not less
    37  than the total awards issued to qualifying zero carbon emitters is  made
    38  available for the purpose of funding the zero carbon emission investment
    39  program.  The  zero  carbon emission investment program fund established
    40  pursuant to section  ninety-nine-bb  of  the  state  finance  law  shall
    41  consist  of monies collected by auctions administered under the regional
    42  greenhouse gas initiative.
    43    § 2. The state finance law is amended by adding a new section 99-bb to
    44  read as follows:
    45    § 99-bb. Zero carbon emission investment program  fund.  1.  There  is
    46  hereby established in the joint custody of the state comptroller and the
    47  commissioner  of  taxation and finance a special fund to be known as the
    48  "zero carbon emission investment program fund". The monies in such  fund
    49  shall  be  available  for  the  zero-carbon  emission investment program
    50  pursuant to title nine-B of article eight of the public authorities law.
    51    2. Monies in the zero carbon emission investment program fund shall be
    52  kept separately from and shall not be commingled with any  other  monies
    53  in the joint or sole custody of the state comptroller or the commission-
    54  er  of taxation and finance. Any interest received by the comptroller on
    55  moneys deposited in the zero carbon  emission  investment  program  fund
    56  shall be retained in and become a part of such fund.
        S. 6605                             3
     1    §  3.  Proceeds  collected  by  the New York state energy research and
     2  development authority from the auction or sale of carbon  dioxide  emis-
     3  sion  allowances  administered  under the regional greenhouse gas initi-
     4  ative shall be used to fund the zero  carbon  emissions  program  estab-
     5  lished in title 9-B of article 8 of the public authorities law, as added
     6  by section one of this act.
     7    §  4.  This act shall take effect immediately, and upon enactment, the
     8  zero emission credit as part of the clean energy standard as implemented
     9  by the public service commission shall be deemed null and void,  and  no
    10  charges shall be assessed against any regulated entity of the department
    11  of  public  service pursuant to such prior order or if already assessed,
    12  shall be refunded pro-rata to any rate payer.