New Jersey Board of Public Utilities President Christine Guhl-Sadovy defended the state’s participation in the Regional Greenhouse Gas Initiative during a state Assembly budget committee hearing Wednesday. Historically, RGGI has withstood criticism from New Jersey Republicans, who have pushed for the state to withdraw from the program.
“The intention of being in RGGI is to reduce air emissions and pollution, and it has been very effective in doing that in the region,” Guhl-Sadovy said in response to questions about the program from Republican state Assemblymember Brian Rumpf.
The program has been getting more attention recently amid skyrocketing energy costs. An increase in the secondary market for RGGI allowances means prices are likely to go up in the next auction — and translate to higher electric bills for ratepayers, making it difficult for officials to reconcile their climate-friendly stances with affordability.
While the next RGGI auction isn’t until June, the spike in prices on the secondary market is largely due to Virginia’s looming reentry into the program.
