STATE OF NEW YORK ________________________________________________________________________ 6605 2017-2018 Regular Sessions IN SENATE June 6, 2017 ___________ Introduced by Sen. RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the public authorities law and the state finance law, in relation to creating the zero carbon emission investment program and zero carbon emission investment program fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Article 8 of the public authorities law is amended by 2 adding a new title 9-B to read as follows: 3 TITLE 9-B 4 ZERO CARBON EMISSION INVESTMENT PROGRAM 5 Section 1900. Short title. 6 1901. Definitions. 7 1902. Zero carbon emission investment program. 8 1903. Administration by the authority. 9 1904. Calculation of awards. 10 1905. Annual reporting. 11 1906. Funds administration. 12 § 1900. Short title. This title shall be known and may be cited as the 13 "zero carbon emission investment program". 14 § 1901. Definitions. As used in this title, the following terms shall 15 have the following meanings: 16 1. "Avoided emissions" means the estimate of co2 emissions, as calcu- 17 lated by the authority, that would have been released if a zero carbon 18 emitter had not existed. 19 2. "Authority" shall have the same meaning as in subdivision two of 20 section eighteen hundred fifty-one of this article. 21 3. "Zero carbon emitter" means a facility that uses atomic energy to 22 generate electricity. 23 4. "Atomic energy" means all forms of energy released in the course of 24 nuclear fission or nuclear transformation. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13102-03-7S. 6605 2 1 5. "Clearing price" means the average of the quarterly Regional Green- 2 house Gas Initiative auction clearing prices for the current year. 3 § 1902. Zero carbon emission investment program. Within three months 4 of the effective date of this title, the public service commission is 5 hereby authorized and directed to establish the zero carbon emission 6 investment program. 7 § 1903. Administration by the authority. Within six months of the 8 effective date of this title, the authority is hereby authorized and 9 directed to administer the zero carbon emission investment program. The 10 authority shall implement the program as set forth by the department of 11 public service, in consultation with the power authority of the state of 12 New York, and the department of environmental conservation. The authori- 13 ty is authorized and directed to: 14 1. use monies made available for the program pursuant to section nine- 15 teen hundred six of this title to achieve the purposes of the program, 16 specifically to award zero carbon emitters for avoided emissions; 17 2. ensure monies are made available to qualifying zero carbon emitters 18 no less than sixty days after the final quarterly auction of that year; 19 and 20 3. exercise such other powers as are necessary for the proper adminis- 21 tration of the program as directed and authorized by the department of 22 public service. 23 § 1904. Calculation of awards. The authority shall calculate and issue 24 an award to each zero carbon emitter in the following manner: the 25 authority shall take the average of the four quarterly auction clearing 26 prices of the most recent year multiplied by fifty percent of the zero 27 carbon emitter's avoided emissions to determine such award. The authori- 28 ty shall calculate the annual avoided emissions for each facility. 29 § 1905. Annual reporting. No later than October first, two thousand 30 eighteen and October first of each year thereafter, the president of the 31 authority shall issue an annual report to the governor, the temporary 32 president of the senate, the speaker of the assembly, the minority lead- 33 er of the senate and the minority leader of the assembly concerning the 34 authority's activities related to the zero carbon emission investment 35 program created pursuant to this title. 36 § 1906. Funds administration. The authority shall ensure that not less 37 than the total awards issued to qualifying zero carbon emitters is made 38 available for the purpose of funding the zero carbon emission investment 39 program. The zero carbon emission investment program fund established 40 pursuant to section ninety-nine-bb of the state finance law shall 41 consist of monies collected by auctions administered under the regional 42 greenhouse gas initiative. 43 § 2. The state finance law is amended by adding a new section 99-bb to 44 read as follows: 45 § 99-bb. Zero carbon emission investment program fund. 1. There is 46 hereby established in the joint custody of the state comptroller and the 47 commissioner of taxation and finance a special fund to be known as the 48 "zero carbon emission investment program fund". The monies in such fund 49 shall be available for the zero-carbon emission investment program 50 pursuant to title nine-B of article eight of the public authorities law. 51 2. Monies in the zero carbon emission investment program fund shall be 52 kept separately from and shall not be commingled with any other monies 53 in the joint or sole custody of the state comptroller or the commission- 54 er of taxation and finance. Any interest received by the comptroller on 55 moneys deposited in the zero carbon emission investment program fund 56 shall be retained in and become a part of such fund.S. 6605 3 1 § 3. Proceeds collected by the New York state energy research and 2 development authority from the auction or sale of carbon dioxide emis- 3 sion allowances administered under the regional greenhouse gas initi- 4 ative shall be used to fund the zero carbon emissions program estab- 5 lished in title 9-B of article 8 of the public authorities law, as added 6 by section one of this act. 7 § 4. This act shall take effect immediately, and upon enactment, the 8 zero emission credit as part of the clean energy standard as implemented 9 by the public service commission shall be deemed null and void, and no 10 charges shall be assessed against any regulated entity of the department 11 of public service pursuant to such prior order or if already assessed, 12 shall be refunded pro-rata to any rate payer.