Posted by: JaredFurtado on Nov 15, 2011

According to a new study, a 10-state program testing a CO2 cap-and-trade system has proven to be a success. The study, conducted by a team of Analysis Group researchers, measures the economic impact of investements made by the 10 states participating in the Regional Greenhouse Gas Initiative (RGGI) over the course of the program's first three years.

Key findings of the study, as reported by the Analysis Group include:

■The regional economy gains more than $1.6 billion in economic value added (reflecting the difference between total revenues in the overall economy, less the cost to produce goods and services)

■Customers save nearly $1.1 billion on electricity bills, and an additional $174 million on natural gas and heating oil bills, for a total of $1.3 billion in savings over the next decade through installation of energy efficiency measures using funding from RGGI auction proceeds to date

■16,000 jobs are created region wide

■Reduced demand for fossil fuels keeps more than $765 million in the local economy

■Power plant owners experience $1.6 billion in lower revenue over time, although they overall had higher revenues than costs as a result of RGGI during the 2009-2011 period

Click HERE to learn more about this study of RGGI.



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