Late yesterday, California State Governor Jerry Brown signed Senate Bill X1-2 into law. The law increases the California RPS target from its current 20% by 2010, to 33% by 2020. Additional legislative action clarifying the further implementation of the 33% target is expected.
Rulemaking from regulators (both the California Energy Commission as well as the California Public Utility Commission) is required under the bill to complete the guidelines and standards of the program. As such, the immediate effects of the bill on the marketplace remain uncertain.
Please contact the Evolution Markets Western Renewable Energy desk at 415.963.9120 for further detail on the bill, and to track the market’s efforts to implement the new regime.