What you should know
Millions of New Yorkers will see lower utility bills thanks to the Cut Inflation Act, Governor Kathy Hochul announced Tuesday. This is because IRA funding will help support New York’s nuclear power plants to deliver zero-emissions electricity to New Yorkers. The federal Nuclear Production Tax Credit, passed by Congress and signed by President Biden as part of the IRA, will provide significant financial support for the four operating nuclear reactors in New York, thereby reducing future payments of New York’s electricity ratepayers to these facilities. The IRA’s goals and policies support initiatives and strategies previously established by New York State over the past decade.
NEW YORK — Millions of New Yorkers will see lower utility bills thanks to the Cut Inflation Act, Governor Kathy Hochul announced Tuesday. This is because IRA funding will help support New York’s nuclear power plants to deliver zero-emissions electricity to New Yorkers.
The federal Nuclear Production Tax Credit, passed by Congress and signed by President Biden as part of the IRA, will provide significant financial support for the four operating nuclear reactors in New York, thereby reducing future payments of New York electricity ratepayers to these facilities.
“The Cut Inflation Act has been instrumental in helping New Yorkers lower utility costs while helping the state reduce emissions and meet the global challenge of climate change,” said Governor Hochul. . “We appreciate the strong partnership with President Biden, his Administration, and the New York Democratic Congressional Delegation to advance a more affordable and livable New York through energy affordability and zero-emissions electricity.”
The IRA’s goals and policies support initiatives and strategies previously established by New York State over the past decade. In 2016, in recognition of the adverse effects of climate change on public health, the environment, and the economy, the New York State Public Utilities Commission implemented the Clean Energy Standard (CES), the first program in the country. in prescribing carbon reduction mandates for electricity production in New York. In 2019, the State enacted the Climate Leadership and Community Protection Act or Climate Act, a climate change statute that addresses carbon emissions. The Climate Law seeks to reduce statewide greenhouse gas emissions by 40 percent by 2030 and no less than 85 percent by 2050, from 1990 levels. The Climate Law also requires that the state’s electricity grid is 100 percent zero emissions by 2040.
2023-08-02 13:08:54
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