Tradeable Energy Performance Standards Act
This bill establishes a tradeable energy performance standard for large electricity generators and thermal energy users, requiring them to submit allowances for each metric ton of carbon dioxide emitted. Funds collected from penalties and Alternative Compliance Payments (paid in lieu of allowances) will be deposited into a Carbon Mitigation Fund to finance grants for projects such as energy efficiency improvements, replacing gas appliances with electric ones, and installing electric vehicle charging stations. The objective is to reduce greenhouse gas emissions through market-based mechanisms.
Key points
Emission Allowance Requirement: Large electric and thermal facilities must submit one allowance for every metric ton of CO2 released, with the distribution of allowances tightening over time based on output targets.
Carbon Mitigation Fund: Payments made in lieu of submitting allowances fund grants for activities like grid improvements and replacing fossil fuel-powered vehicles and appliances.
Bilateral Purchase Agreements: The system allows existing facilities to enter long-term agreements to purchase allowances from newly constructed low-emission facilities.
Status:
Introduced
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