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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | June 15, 2021 08:41 AM |
|---|---|
| From: | Senator Gene Yaw |
| To: | All Senate members |
| Subject: | Sale of Alternative Energy Credits |
| In the near future, I will be introducing legislation directing the Department of General Services to sell any alternative energy credits that the Commonwealth owns or comes into possession of as a result of entering into contracts for the purchase of renewable or alternative energy. Each megawatt hour of alternative or renewable electricity purchased by the state equates to one renewable energy credit. These credits are traded in the marketplace and used by electric utilities and suppliers to comply with alternative and renewable energy mandates. Governor Wolf recently entered into a long-term contract to purchase solar electricity equal to 50% of Commonwealth state agency energy usage. At current solar credit prices, the credits which accompany this commitment are worth approximately $10.8 million annually. Pennsylvania has a separate contract with an out-of-state firm to purchase wind energy credits as well, potentially yielding millions of dollars in additional revenue. My legislation would allocate the proceeds from the sale of these credits to the Commonwealth Financing Authority to be used to plug abandoned and orphan oil and gas wells across the state. Pennsylvania is home to several hundred thousand legacy wells in need of plugging. As we have heard repeatedly from the PA Department of Environmental Protection, these wells pose significant safety as well as environmental threats to our Commonwealth. Please join me in cosponsoring this important legislation. |
Introduced as SB945