NY S07027

Modifies the competitive tier 2 program within the Clean Energy Standard to support existing large-scale renewable energy resources (run-of-river hydropower and wind generators) that began operating before January 1, 2015.

Sets the maximum bid price for tier 2 renewable energy credits at 75% of NYSERDA's tier 1 REC price from the most recently completed compliance year.

Eliminates the $200 million cost cap on total program expenditures and extends the program duration through 2030 with annual solicitations.

Establishes annual procurement targets for tier 2 renewable energy credits at one-half the quantity of renewable energy generation serving New York's total electric load (excluding power authority facilities).

Directs the Public Service Commission and NYSERDA to implement these modifications within 30 days of the act's effective date to help retain existing renewable resources and meet the state's Climate Leadership and Community Protection Act targets.