Thursday, December 16, 2004

New York Accelerates Schedule to Purchase Renewable Energy

Update to our previous story on this issue via Empire Information Services:
The New York State Public Service Commission today voted to accelerate a program to foster development of renewable energy generation in New York State in 2005 so that qualified generators can take advantage of federal tax credits scheduled to expire at the end of next year.

The federal tax credits hold the potential of saving electricity customers throughout the state tens of millions of dollars by reducing renewable generating costs for individual projects. New York State Energy Research and Development Authority estimates of total project cost savings, and thus customer savings, could be in the range of $97 million depending on the extent of renewable energy developed in 2005.
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Under the procurement process approved today, the New York State Energy Research and Development Authority (NYSERDA) will seek an initial round of bids in December 2004 or January 2005 from companies seeking to develop renewable energy projects under the Commission's RPS framework.
More info on plans to advance the state program is available in the PSC's press release.

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