July 14, 2015

Report: Cap-and-trade yields CT $56M, 863 jobs

Contributed | Jimmy Jeong
Contributed | Jimmy Jeong
Bridgeport Energy plant, a 520-megawatt natural gas electricity generation facility, produced 1.08 million metric tons of carbon dioxide in 2011.

The Northeast cap-and-trade system Regional Greenhouse Gas Initiative had generated $56.2 million in value-added economic benefit for Connecticut, creating 863 direct and indirect jobs, according to a report from Boston consulting firm Analysis Group.

The report found the nine RGGI states received a total of $1.3 billion in economic benefit from the systems, generating 14,155 jobs. RGGI requires that power plants and other large generators of greenhouse gas pay to go above a certain threshold, and then the nine states split that money to use for energy improvement programs.

Connecticut, which has received $71 million in RGGI funding has used 64 percent of its funding on energy efficiency programs, 26 percent on renewable energy programs and 10 percent on greenhouse gas programs and administration.

The other RGGI states are Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, New York, Delaware and Maryland. New Jersey used to be a member but dropped out.

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