NY A04294

Establishes a "Tier 2" renewable energy credit program requiring load serving entities to purchase credits from eligible large-scale renewable energy resources (minimum 25 kilowatts capacity) to ensure their continued operation through 2030.

Sets tier 2 renewable energy credit prices at 75 percent of the weighted average cost paid by the New York State Energy Research and Development Authority for tier 1 clean energy standard credits in the prior year.

Allows eligible renewable energy resources demonstrating financial hardship to obtain additional financial assistance through 10-year minimum contracts from the Authority, with support evaluated based on operating costs, available cash sources, tax assessments, and regional economic importance.

Requires the Public Service Commission to adopt program rules within 120 days including annual acquisition targets for tier 2 credits from 2019-2030, procedures for resource certification, and protocols for handling oversupply or undersupply of credits.

Requires energy from eligible resources to meet New York deliverability requirements by being delivered into New York Independent System Operator markets, through wholesale meters, or directly to New York customers with independent verification.