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Details of an agreement on a Combined Efficiency and Renewable Electricity Standard (RES) that will reduce global warming pollution, create clean energy jobs and save consumers money have been releasd by Rep. Henry A. Waxman, Rep. Edward J. Markey, Rep. John D. Dingell, Rep. Rick Boucher, Rep. Bart Gordon and Rep. Mike Doyle

The agreement provides for a combined 20% renewable energy and energy efficiency standard by 2020. At this date, utilities would be required to obtain 15% of their electricity from renewable energy sources and demonstrate annual electricity savings of 5% from energy efficiency measures.

If the governor of a state determines that utilities in the state cannot meet the 15% renewable requirement, the governor may reduce the renewable requirement to 12% and increase the efficiency requirement to 8%.

"This combined renewable energy and energy efficiency standard will drive the deployment of clean energy from solar, wind, geothermal, and biomass resources and promote cost-effective investments in energy efficiency," says Waxman, chairman of the Energy and Commerce Committee. "This will spur jobs, investment, and growth in the renewable energy sector and overall economic activity. It achieves all these goals while ensuring substantial flexibility in how the renewable energy and efficiency objectives are met."

The agreement also sets easier greenhouse gas reduction targets than originally proposed, requiring a reduction of 17% below 2005 levels by 2020. The original target was a 20% cut in the same time frame.

According to the Wall Street Journal, the agreement could lead to a committee vote by Memorial Day weekend.

SOURCES: House Energy and Commerce Committee, Wall Street Journal

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