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ity’s total carbon dioxide emissions when calculating whether the facility’s emissions are within its carbon-allowance budget. Regarding the impact of the Regional Greenhouse Gas Initiative (RGGI) as an incentive for biomass electric power generation, since RGGI defines biomass power as carbon neutral and exempt from participation in the carbon allowance program and categorically excludes biomass power from allowable offsets qualifying for carbon allowances, biomass energy receives no direct incentives through the carbon allowance auction program central to RGGI implementation. It might be incentivized, however, through state investments in clean energy from auction revenues allocated to consumer benefit and renewable energy and efficiency programs. In Massachusetts, these revenues are allocated to five uses, as follows, based on the recently passed 2008 Green Communi- ties Act: promotion of energy efficiency and demand response (minimum of 80% of revenue); reimbursement of municipali- ties in which tax receipts decrease due to RGGI (limited to 3 years); green communities (not to exceed $10 million per year); zero-interest loans to some municipalities for efficiency projects; and, state administration of the cap and trade program (Green Communities Act, 2008). In terms of the impact of the RGGI program on the development of biomass generating facilities, should auction prices rise suffi- ciently, they could provide an incentive for generating facilities to switch to biomass as a power source, or for the construction of new biomass-fired power plants. However, at current allowance prices of approximately $2 per ton of carbon dioxide, there is insufficient price pressure to incentivize such a shift at this time (RGGI, Inc, 2010). A summary of the range of statutory and regulatory provisions that directly address biomass in Massachusetts, with an emphasis on biomass policy within the electricity sector, is included in Appendix 1-A to this report. 1.5 BIOMASSENERGYPOLICIESINOTHERSTATES Based on a review of eleven states’ policies regarding biomass (Arizona, California, Connecticut, Maryland, Minnesota, Missouri, Oregon, Pennsylvania, Vermont, Washington, and Wisconsin), the thrust of state policies promoting biomass and/or biofuels is focused on electric generation and less so on transpor- tation and thermal. All surveyed states have numerous policies, programs and/or incentives to promote electric generation from renewable sources of energy, including biomass. A few states have policies to support the use of biomass/biofuels for transportation (California, Minnesota, Oregon, Pennsylvania, Washington, and Wisconsin) and/or for thermal production (Arizona, Connecticut, Missouri, Oregon, Pennsylvania, Vermont, Washington, and Wisconsin). Typically, states include biomass as one of a number of sources of renewable energy in a variety of policies and programs aimed at increasing electric generation from renewable energy such as renewable portfolio standards. Other common state poli- cies supportive of biomass electric generation are net metering programs; public benefits funds; other grant and/or loan programs; power purchasing programs at the state and/or local level; and a variety of tax incentives. 6 States with large sources of biomass supply—Minnesota, Missouri, Oregon, Washington and Wisconsin—also tend to have biomass- specific policies or programs in addition to general programs such as renewable portfolio standards. These states are also likely to have biomass working groups or a biomass program (Connecticut, Minnesota, Oregon, Pennsylvania, and Vermont). Some have produced biomass reports, including woody biomass supply assess- ments. (Arizona, California, Minnesota, Oregon, Vermont, Washington, and Wisconsin). These reports typically focus more on biomass promotion and less on sustainability, and some discuss the linkage between biomass utilization and climate change. Finally, some states have produced woody biomass harvesting guidelines that focus on best management practices for harvesting woody biomass in an ecologically sensitive and sustainable manner (Minnesota, Missouri, Pennsylvania, and Wisconsin). All such harvesting guidelines are voluntary guidance only. 1.6 OVERALLSTATEANDFEDERALPOLICYDRIVERS FOR BIOMASS POWER IN MASSACHUSETTS While conclusive data on the cumulative amounts and impacts of the suite of state and federal policies relevant to biomass power are not available, interviews with plant managers and experts in the field of electric power regulation and development7 and analyses of federal subsidies indicate that, generally, the most important federal subsidy is the Production Tax credit ($10 per MWh) and most important state incentives are Renewable Portfolio Standards and the related sale of Renewable Energy Credits (currently $25–$35 per MWh). While the value of a REC is higher, the price varies significantly in the marketplace with the cycling of RPS requirements, emergence of new tech- nologies, construction of new renewable energy facilities, the state of the economy and demand for electric power. While less valuable at only $10/MWh, the federal PTC is a more stable source of income for biomass plants over time. Overall, the economics of individual biomass power plants are determined by the Power Purchase Agreement (PPA), which defines a long-term contract for the purchase of power from a generating facility to utilities or other buyers in the electric power market. PPA’s include some or all of the power produced by the generating facility and can also include some or all of the REC’s held by a facility in long term contracts. Overall, banks and other investors need confidence in a credible investment stream stem- ming from a contract including an adequate price (for power and 6 For a description of the range of tax incentive programs, see the public policy program appendix to this report 7 Synapse Energy Economics, Cambridge, Massachusetts; Innovative Natural Resource Solutions, Portland, ME; Mc Neill Generating Station, Burlington VT; Schiller Station, Portsmouth, NH; Ryegate Power Station, East Ryegate, VT. BIOMASS SUSTAINABILITY AND CARBON POLICY STUDY MANOMET CENTER FOR CONSERVATION SCIENCES 17 NATURAL CAPITAL INITIATIVEPDF Image | NATURAL CAPITAL INITIATIVE AT MANOMET
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