New York Economy-Wide Regulation Model Design and Build (RFP 6224)

Description

NYSERDA is developing a new modeling toolkit to evaluate potential carbon pricing mechanisms, such as an economy-wide cap-and-invest program or carbon fee for New York State. For example, a cap-and-invest program would establish a declining annual cap on greenhouse gas (GHG) emissions and obligate major sources of emissions to purchase allowances for their GHG emissions to comply. The revenue generated could be used to advance State policy goals including affordability, clean energy deployment, and infrastructure investment. An example of potential program design and analysis considered to date can be found in New York’s cap-and-invest pre-proposal analysis resources from 2023.

This open-source model would inform potential future carbon pricing policy or provide insight into likely economywide marginal abatement costs. It could be used to inform program decisions should the State opt to develop a pricing program or provide other insight on emissions abatement costs. It would also provide inputs for separate secondary analyses, including air quality, jobs, household costs, and electricity sector modeling. NYSERDA is prioritizing the development of an open-source model to support improved transparency and access to the model by NYSERDA and potentially other jurisdictions and other users developing comparable systems or looking to enhance capacity to evaluate existing programs.

New York Economy-Wide Regulation Model Design and Build (RFP 6224)

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