Allocating emissions allowances in the early years of a national cap-and-trade program to reduce greenhouse gas emissions is critical to minimizing the economic impact on electricity customers, particularly low-income families and energy-intensive businesses and industries, an electric utility CEO said today.

“An effective federal response to climate change will require significant resources to reduce greenhouse gas emissions. This will impact electricity customers and the economy,” said Jeff Sterba, Chairman and CEO of PNM Resources. Testifying on EEI’s behalf before the House Energy and Commerce Committee’s Energy and Environment panel, Sterba urged that emissions allowances be allocated to the electricity sector, with a transition to a full auction as new technologies become commercially available.

• Read the EEI news release.
• Read Jeff Sterba's testimony.