New York Incorporates SCC into Proceeding on Reforming the Energy Vision

  • Application

    Clean Energy Standard/Zero Emission Credits Program

  • Date

    October 2018
  • Details

    New York’s Clean Energy Standard and accompanying Zero Emissions Credit (“ZEC”) take into account the SCC in calculating the value of using emission-free nuclear power, rather than carbon-emitting fossil fuel power.

  • SCC Value(s)

    $32.47 per short ton CO2e

  • Reference

    New York Public Service Commission Case No. 14‐M‐0101

  • Legal Authority

    The program follows from the governor’s clean energy plan, for which the state Public Service Commission is required to take reasonably consistent actions.

  • Litigation

    The PSC’s approach for calculating the SCC was upheld in June 2017 by the United States District Court for the Southern District of New York. The case was appealed to the Second Circuit Court of Appeals. The Second Circuit upheld the district court's decision. The Supreme Court of the State of New York also upheld the PSC's decision to use the SCC and calls it "the best tool to reflect the environmental monetary damages" from greenhouse gas emissions.

  • Commentary

    First state with zero emission credits based on IWG SCC.

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