NY A08836

Establishes a requirement for the New York State Energy Research and Development Authority to track carbon allowance purchases by electric generating facilities and determine revenue collected by county within six months of the bill's effective date.

Directs the Authority to spend no less than 50 percent of revenue collected in each county on carbon dioxide abatement projects or programs located within that same county, beginning one year after the bill takes effect.

Allows municipal electric corporations, rural cooperatives, and other public power entities to retain up to 50 percent of revenue they would spend on allowance purchases to implement their own locally-based carbon dioxide abatement programs, subject to Authority approval.

Requires public power entities to submit their carbon abatement programs to the Authority for approval within six months and comply with the Authority's established rules and requirements for such programs.

Authorizes the Authority to promulgate rules and regulations necessary to implement these provisions consistent with the legislative intent and timeline for full implementation.