New State Renewable Regulations Impacting Future Energy Costs
by Keefer Welsh
Recently, Maine and Maryland both passed legislation increasing their RPS requirements. In the state of Maine, S.B. 457 is expected to incur an additional cost between $1.00 to $3.00 per MWh while in the state of Maryland, S.B. 516 is expected to incur an additional cost closer to $2.50 to $3.00 per MWh. These RPS compliance costs will be billed to every customer that signs a new supply contract on or after the effective date of the legislation.
This affords our clients a window of opportunity to renew their current fixed price contracts prior to these bills going into effect and exempt themselves from this new incremental cost for future years. For customers in Maine, this change in law will take effect on September 19, 2019, while in Maryland, customers have up until October 1, 2019. Please reach out to one of our advisors to discuss what effect this could have on your business and the steps you can take to avoid this cost increase.
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