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On Wednesday, October 17, 2012, the Environmental Markets Association (EMA) brought together 50 professionals from the renewables industry for a Regional Thought Leader Roundtable on Renewable Energy Credit (“REC”) markets in the Northeast. The goal of the meeting was to have an open discussion with market participants active in REC markets in the Northeast US.
The states in this region rely on RECs as a significant additional incentive to the development of renewable energy projects. The Round Table discussion centered on how states are meeting their renewable goals and what mechanisms they are employing to get there. With most states using both market-based approaches mixed with direct subsidies, the group discussed and debated the pros and cons of each.
Thought Leaders participating in this Roundtable included Commissioner Joseph Fiordaliso of the New Jersey Board of Public Utilities, Paul Flanagan of the New Jersey Division of Rate Counsel, Michael Flett of Flett Exchange, Shannon Maher Banaga of PSEG, William Nelson of Bloomberg New Energy Finance, Eric Thumma of Iberdrola Renewables and Peter Zaborowsky of Evolution Markets.
EMA Board member Joe Roenbeck of PSEG Energy Resources & Trade LLC, who moderated the discussion, said “EMA has a long history serving as a resource to policymakers in helping to forge sound public policy around environmental rules. As renewable laws and regulations continue to evolve, our membership of subject matter experts has the opportunity to share that experience. This roundtable was intended to further a discussion on RECs, and achieve one of the EMA’s primary goals of fostering discussion and education.”
The general discussion of state mechanisms for RECs was followed by a deeper dive into Northeast RECs presented by Will Nelson and an election day update from Shannon Banaga. Attendees were engaged throughout the Roundtable, seizing the opportunity for open dialogue and access to industry thought leaders that the platform facilitated. EMA will be announcing additional Roundtables that address a variety of regional topics in other cities.
Thank you again to our Roundtable sponsors: PSEG, Evolution Markets, ICAP, Marex Spectron, TFS Energy