State Utility Regulator Approves $43 Billion in Ratepayer Costs to Support Climate Goals

According to Politico, on Thursday, July 20, the state Public Service Commission authorized an estimated $43.7 billion in costs for the implementation of the state’s Climate Leadership and Community Protection Act (CLPA), which will be recovered over several years from utility ratepayers. Additionally, a PSC report on residential ratepayer impacts in 2022 showed electric utility rate increases ranging from 3.7 percent to 9.8 percent, depending on the region; and gas utility rate increases up to 1.3 percent. A more detailed report is expected to be posted on the PSC website here. The Assembly is expected to hold a hearing on the state’s climate law’s impacts on ratepayers in the fall.