HomeMy WebLinkAboutReso 2019-046 - REU Allocated Allowance Use & Proceeds PolicyRESOLUTION NO. 2019-046
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
TO ADOPT AMENDMENTS TO THE REDDING ELECTRIC UTILITY
ALLOCATED ALLOWANCE USE AND PROCEEDS POLICY
WHEREAS, Assembly Bill 32 (AB 32) requires California to reduce its greenhouse gas
(GHG) emissions to 1990 levels by 2020; and
WHEREAS, the California Cap -and -Trade Program is a key tool designed by the
California Air Resources Board to achieve the state's GHG reduction goal; and
WHEREAS, Redding Electric Utility (REU) is required to participate in the California
Cap -and -Trade Program; and
WHEREAS, the California Cap -and -Trade regulation requires that any proceeds REU
generates from selling free allowances in the Cap -and -Trade auctions must be used primarily for
the benefit of REU's retail electric ratepayers, consistent with the goals of AB 32; and
WHEREAS, the City Council adopted by Resolution No. 2013-070 REU's Allocated
Allowance Use and Proceeds Policy on the 6th day of August, 2013; and
WHEREAS, due to recent amendments to the California Cap -and -Trade regulation,
REU's Allocated Allowance Use and Proceeds Policy requires updates for consistency and
durability;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Redding:
1. Adopts Resolution No. 2019-046 approving amendments to REU's Allocated Allowance
Use and Proceeds Policy.
2. Grants the Electric Utility Director (or his designee) the authority to implement the
amended Redding Electric Utility Allocated Allowance Use and Proceeds Policy.
I HEREBY CERTIFY that the foregoing resolution was introduced and adopted at a
regular meeting of the City Council on the 4th day of June, 2019, by the following vote:
AYES: COUNCIL MEMBERS: McElvain, Resner, Schreder, and Winter
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Dacquisto
ABSTAIN: COUNCIL MEMBERS: None
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JULIE;WINTER, Mayor
ATTEST: FORM APPROVED:
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PAMELA MIZE, CityWerk ARRY E. DeWALT, Ci Attorney