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5 J. World Energy L. & Bus. 1 (2012)

handle is hein.journals/jlowdeylw5 and id is 1 raw text is: Journal of World Energy Law and Business, 2012, Vol. 5, No. 1 Renewable Energy Certificates: a patchwork approach to deploying clean technologies David John Frenkil* and David P. Yaffe** In this article, Mr Frenkil and Mr Yaffe describe the challenging regulatory frame- work for the promotion of electricity from renewable energy sources in the USA. While not without some success stories in specific states, the track record for renew- able energy promotion in the US falls far short of the growth in renewable energy generation witnessed in several European countries such as Germany, Spain or Portugal, and the regulatory framework described in their manuscript is beyond doubt the single most important reason for this shortfall. An evolving patchwork approach to renewable energy promotion through quotas ('Renewable Portfolio Standards' (RPS) or goals) of widely divergent ambition and based on disparate definitions and legal concepts has failed to create the robust incentives and long-term certainty required by investors to engage in risky renewable energy ventures. This underlying message is readily apparent throughout the manuscript. Mr Frenkil and Mr Yaffe provide a lucid explanation of the concept of an RPS and of the ensuing commodity, the 'Renewable Energy Certificate' (REC), trace the historical pathway of this policy approach (which differs greatly, e.g. from the feed-in tariffs favoured in most European countries), and highlight central aspects of its implementation and critical differences between states. I commend the description and analysis in this article as compelling and informative. Michael Mehling (President, Ecologic Institute, Washington DC and Adjunct Professor, Georgetown University) * David John Frenkil is an energy attorney with Van Ness Feldman and publisher of EfficiencyLaw.com, a website with analysis on the Energy Efficiency and Cleantech sectors. ** David P. Yaffe, is a member in the Washington, DC office of Van Ness Feldman. Mr. Yaffe concentrates his practice on US federal regulatory, contract and commercial aspects of developing and using the US electric transmission grid, interconnecting renewable energy generators to that grid and selling the electricity output of new generation to utility and industrial purchasers. © The Authors 2012. Published by Oxford University Press on behalf of the AIPN. All rights reserved. doi:10.1093/jwelb/jws001 1

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