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Focused on the election campaign, gridlock in Congress, shale gas regulations, and the red-hot debate over EPA regulations, conventional Washington wisdom has overlooked a number of critical issues in 2012 that will define energy policy and shape the industry for years to come. The attention on headline-grabbing issues overlooks three emerging developments in energy: the growing importance of state-level action, increasing pressure for oil and gas development to boost government revenue, and the reevaluation of smart grid investments based on new data. Today's GR Energy and Climate Brief takes a look at the key under-the-radar trends driving energy policy in 2012.
Source: CBPP Survey
State Level is Where Real Action Will Occur: According to the range of Capitol Hill aides on both sides of the aisle polled by Garten Rothkopf, it is highly unlikely that Congress will pass any legislation of significance in the coming year. In this context, state energy policy has become more important than ever, with efficiency, renewable energy standards and California’s first-in-the-nation cap-and-trade and low carbon energy standards key issues to watch. Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, and Vermont are advancing the ball on energy efficiency, with new codes for buildings, state facilities, or appliances going into effect this year. Colorado has joined fold of the thirty-two states with renewable energy standards on the books, and State Public Utility Commissioners are teaming up with FERC to explore the impact of increasing levels of renewables on electric system reliability. And in California, courts will make a decision on whether the California Air Resources Board (CARB) implements AB32, including the landmark Cap-and-Trade program and the Low Carbon Fuel Standard (LCFS), which has the potential to impact interstate commerce, standards, the rate of adoption of renewable power, and the composition of the vehicle market.
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