The ratepayer purchase of Renewable Energy Credits through the standard offer or competitive energy supplier has ballooned from $7.6 million dollars in 2008 to $83.2 million in 2023
Very Concerning
But along with costs came a change to why ratepayers must buy them
IN 2007, it was to "stimulate demand"
In 2007, the Legislature enacted an Act to Stimulate Demand for Renewable Energy (2007 Act).
In 2008, it was to "invest"
Recommendations to stimulate investment in renewable resources
In 2012, it was to "help promote" Maine’s new renewable resource portfolio requirement, during 2012, provided a substantial source of revenue to some Maine generation resources. Since it was enacted in 2008, the new renewable resource portfolio requirement has operated as intended to create a premium over market prices to help promote renewable project development.
In 2022, it was to "support"
During 2022 , for each of Class I, Class IA, and Class II, suppliers’ obligations were mostly fulfilled by purchasing and retiring RECs which supported renewable generation facilities.
Appartently, this program to invest, stimulate and promote has become a never- ending support of renewable generation facilities
Why Not Immediately Ramp the Renewable Portfolio Standard to 100% Compliance and Then End This Expensive, Useless Program
by Dan McKay
7 hours ago
Maine’s new renewable resource portfolio requirement, during 2012, provided a substantial source of revenue to some Maine generation resources. Since it was enacted in 2008, the new renewable resource portfolio requirement has operated as intended to create a premium over market prices to help promote renewable project development.