All Cost but Few Benefits
New York State continues to pursue aggressive goals for renewable energy and reduced emissions. Under the New York Public Service Commission’s (NYPSC) Clean Energy Standard (CES), by 2050, GHG emissions must be reduced 80% below 1990 levels (the “80 by 50” mandate). Proponents of such energy policies tout overall benefits, but reports issued by the New York Department of Public Service and the NYPSC’s “Benefit-Cost Analysis Framework” contain fundamental economic flaws.
The Facts You Need to Know
Flawed: New York policymakers and regulators have justified the CES on the basis of flawed estimates tied to the creation of new green jobs paid for by subsidies and mandates, artificial suppression of wholesale electricity prices, and inflated projections of climate benefits. Read more.
High cost: Attempting to meet the 80 by 50 mandate could cost New York consumers and businesses more than $1 trillion by 2050. Read more.
Inequitable: Lower-income New Yorkers will bear disproportionate shares of the costs of meeting the 80 x 50 goal. Read more.
“The CES may provide bragging rights about New York’s green bona fides. It is not a plan based on a careful analysis of actual costs and benefits.”
The Past is Present
“How Governor Cuomo is masking a huge energy-tax hike in the name of ‘consistency.'”
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