§ 23-82-6 Use of auction or sale proceeds.– (a) The proceeds from the auction or sale of the allowances shall be used forthe benefit of energy consumers through investment in the most cost-effectiveavailable projects that can reduce long-term consumer energy demands and costs.Such proceeds may be used only for the following purposes, in a proportion tobe determined annually by the office in consultation with the council and thedepartment:
(1) Promotion cost-effective energy efficiency andconservation;
(2) Promotion of cost-effective renewable non-carbon emittingenergy technologies as defined in Rhode Island general law § 39-26-5;
(3) Cost-effective direct rate relief for consumers;
(4) Direct rate relief for low-income consumers;
(5) Reasonable compensation to an entity selected toadminister the auction or sale; and
(6) Reasonable costs of the department and office inadministering this program, which shall not in any year exceed three hundredthousand dollars ($300,000) or five percent (5%) of the proceeds from sale orauction of the allowances, whichever is less.
(b) Any interest earned on the funds so generated must becredited to the fund. Funds not spent in any fiscal year shall remain in thefund to be used for future energy efficiency and carbon reduction programs.
(c) Annually, the office, in consultation with the departmentand the council, shall prepare a draft proposal on how the proceeds from theallowances shall be allocated. The draft proposal shall be designed to augmentand coordinate with existing energy efficiency and renewable energy low-incomeprograms, and shall not propose use of auction proceeds for projects alreadyfunded under other programs. The proposal for allocation of proceeds insubsections 23-82-6(1), (2) and (3) shall be one that best achieves thepurposes of the law, namely, lowering carbon emissions and minimizing costs toconsumers over the long term. The office shall hold a public hearing and acceptpublic comment on the draft proposal in accordance with chapter 42-35 (the"Administrative Procedure Act"). Once the proposal is final, the departmentshall authorize the disbursement of funds in accordance with the final plan.
(d) The office shall prepare, in consultation with thedepartment and the council, a report by January 1st of each year describing theimplementation and operation of RGGI, the revenues collected and theexpenditures made under this section, the statewide energy efficiency andcarbon reduction programs, and any recommendations for changes to law relatingto the state's energy conservation or carbon reduction efforts. The reportshall be made public and shall also be submitted to the general assembly.
§ 23-82-6 Use of auction or sale proceeds.– (a) The proceeds from the auction or sale of the allowances shall be used forthe benefit of energy consumers through investment in the most cost-effectiveavailable projects that can reduce long-term consumer energy demands and costs.Such proceeds may be used only for the following purposes, in a proportion tobe determined annually by the office in consultation with the council and thedepartment:
(1) Promotion cost-effective energy efficiency andconservation;
(2) Promotion of cost-effective renewable non-carbon emittingenergy technologies as defined in Rhode Island general law § 39-26-5;
(3) Cost-effective direct rate relief for consumers;
(4) Direct rate relief for low-income consumers;
(5) Reasonable compensation to an entity selected toadminister the auction or sale; and
(6) Reasonable costs of the department and office inadministering this program, which shall not in any year exceed three hundredthousand dollars ($300,000) or five percent (5%) of the proceeds from sale orauction of the allowances, whichever is less.
(b) Any interest earned on the funds so generated must becredited to the fund. Funds not spent in any fiscal year shall remain in thefund to be used for future energy efficiency and carbon reduction programs.
(c) Annually, the office, in consultation with the departmentand the council, shall prepare a draft proposal on how the proceeds from theallowances shall be allocated. The draft proposal shall be designed to augmentand coordinate with existing energy efficiency and renewable energy low-incomeprograms, and shall not propose use of auction proceeds for projects alreadyfunded under other programs. The proposal for allocation of proceeds insubsections 23-82-6(1), (2) and (3) shall be one that best achieves thepurposes of the law, namely, lowering carbon emissions and minimizing costs toconsumers over the long term. The office shall hold a public hearing and acceptpublic comment on the draft proposal in accordance with chapter 42-35 (the"Administrative Procedure Act"). Once the proposal is final, the departmentshall authorize the disbursement of funds in accordance with the final plan.
(d) The office shall prepare, in consultation with thedepartment and the council, a report by January 1st of each year describing theimplementation and operation of RGGI, the revenues collected and theexpenditures made under this section, the statewide energy efficiency andcarbon reduction programs, and any recommendations for changes to law relatingto the state's energy conservation or carbon reduction efforts. The reportshall be made public and shall also be submitted to the general assembly.
§ 23-82-6 Use of auction or sale proceeds.– (a) The proceeds from the auction or sale of the allowances shall be used forthe benefit of energy consumers through investment in the most cost-effectiveavailable projects that can reduce long-term consumer energy demands and costs.Such proceeds may be used only for the following purposes, in a proportion tobe determined annually by the office in consultation with the council and thedepartment:
(1) Promotion cost-effective energy efficiency andconservation;
(2) Promotion of cost-effective renewable non-carbon emittingenergy technologies as defined in Rhode Island general law § 39-26-5;
(3) Cost-effective direct rate relief for consumers;
(4) Direct rate relief for low-income consumers;
(5) Reasonable compensation to an entity selected toadminister the auction or sale; and
(6) Reasonable costs of the department and office inadministering this program, which shall not in any year exceed three hundredthousand dollars ($300,000) or five percent (5%) of the proceeds from sale orauction of the allowances, whichever is less.
(b) Any interest earned on the funds so generated must becredited to the fund. Funds not spent in any fiscal year shall remain in thefund to be used for future energy efficiency and carbon reduction programs.
(c) Annually, the office, in consultation with the departmentand the council, shall prepare a draft proposal on how the proceeds from theallowances shall be allocated. The draft proposal shall be designed to augmentand coordinate with existing energy efficiency and renewable energy low-incomeprograms, and shall not propose use of auction proceeds for projects alreadyfunded under other programs. The proposal for allocation of proceeds insubsections 23-82-6(1), (2) and (3) shall be one that best achieves thepurposes of the law, namely, lowering carbon emissions and minimizing costs toconsumers over the long term. The office shall hold a public hearing and acceptpublic comment on the draft proposal in accordance with chapter 42-35 (the"Administrative Procedure Act"). Once the proposal is final, the departmentshall authorize the disbursement of funds in accordance with the final plan.
(d) The office shall prepare, in consultation with thedepartment and the council, a report by January 1st of each year describing theimplementation and operation of RGGI, the revenues collected and theexpenditures made under this section, the statewide energy efficiency andcarbon reduction programs, and any recommendations for changes to law relatingto the state's energy conservation or carbon reduction efforts. The reportshall be made public and shall also be submitted to the general assembly.
