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New Mexico's Environment Improvement Board voted in favor of a petition from an environmental group to cap greenhouse gas emissions. The new regulation would require large polluters like coal-fired power plants and refineries to reduce emissions by 3 percent per year from 2010 levels.
The plan, developed by the group New Energy Economy, applies to electricity generators and other facilities in the state that emit at least 25,000 metric tons of CO2 per year and will go into effect in 2013. It took two years of negotiations and faced lots of opposition from industry groups before finally getting approved.
The plan does allow for offsets and banking of emissions credits, as well as an "off ramp" provision if businesses can prove that the rules would be detrimental to their viability.
The state also recently approved a cap-and-trade program for the same set of polluters.
via Huffington Post
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written by Bil L, December 16, 2010
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When the household reaches its allocation, power is then reduced by 90% and it is then priced at premium rates.
The only cost is the installation of new meter boxes with the automatic power reduction facility. The premium rate revenue will provide a boost to the power generating companies, buffering them from the revenue shock of reduced power use.
This is a win-win. A win for the consumer because they getting to save the planet and learn how manage energy efficiency issues and a win for the power generation companies since they can now delay expansion plans.