Earlier this afternoon, Maryland Governor Hogan vetoed the Clean Energy Jobs – Renewable Energy Portfolio Standard Revisions bill (SB0921/HB1106). Gov. Hogan’s letter to the Speaker of the House regarding the veto can be read here, wherein the Governor sites “tax increases” as his sole reason for vetoing the RPS legislation, which would have increased the State’s Renewable Portfolio Standard to 25 percent by 2020 – up from the current obligation of 20 percent by 2022 – and allowed for the continued growth of solar and other renewables in the State.
The RPS bill passed in the House and the Senate earlier this year with veto-proof majorities, so there is potential for the bill to become law despite the Governor’s veto. In response to the veto, proponents of the RPS bill will look to meet with House and Senate leaders to discuss a strategy for moving forward with the bill. Unfortunately, the veto override vote will not take place until January 2017 unless a special session is held before then. However, since a special session would require the Governor’s approval, it is unlikely that a special session will be held.
SRECTrade will continue to provide updates on the status of the Maryland RPS as we acquire new information. For more information about the Maryland SREC market, please visit our Maryland Market page here.