Will New York’s Indexed Payments for Tier 1 Renewable Energy Credits (“IRECs”) Hurt It’s Voluntary Corporate and Industrial (“C&I”) Renewable Energy Market?

Kingsley Osei, Lead Project Counsel, State University of New York, USA

Spurred by an imperative for durable energy offtake, long-term price certainty, improving project economics, and corporate social responsibility to combat climate change, corporate and non-utility industrial (“C&I”) buyers of renewable energy form a significant segment of the United States renewable energy market. In both states with Renewable Portfolio Standards ("RPS") mandates and voluntary RECs procured 10.6 GW of capacity in 2020, with Amazon, Google, and Verizon leading the way. “In 2020, renewable sources generated about three-tenths of New York's utility-scale net generation, and the state ranked fifth in the nation in the amount of electricity generated from renewable resources.”

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USA Competition Energy March 2022 Vol.15, No. 58, Winter 2022

Kingsley Osei

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Kingsley Osei is Lead Project Counsel to the New York State Higher Education Consortium Large Scale Renewable Energy Project ("NYHE"). NYHE is a consortium of twenty-one universities and colleges in New York that are load-serving entities on the NYISO power market that will within the next three years transition up to 1000MW (100%) of their power load requirements to renewable energy sources through third-party financed and owned large scale renewable energy projects. https://system.suny.edu/capital-facilities/energy-management/sustainability/ny-he-lsre-large-scale-renewable-energy/

State University of New York

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Consortium of twenty-one institutions of higher education in New York transition their energy load of up to 1000MW through the aggregated new build of renewable energy power projects.

USA Competition Energy March 2022 Vol.15, No. 58, Winter 2022