April 16, 2007
Regional tracking system will help meet renewable energy goals recently signed into law.
(St. Paul. MN…) - A new regional tracking system will help Minnesota meet its renewable energy goals that were recently signed into law by Governor Tim Pawlenty. Minnesota has joined Wisconsin, Iowa, South Dakota, North Dakota and Manitoba to establish the Midwest Renewable Tracking System (M-RETS), a regional system to monitor utilities' progress toward meeting Minnesota's Renewable Energy Standard (RES).
The RES requires utilities in Minnesota to produce 25 percent of the state's energy from renewable sources by 2025, while Xcel Energy will produce 30 percent of its energy from renewable resources by 2020. Wisconsin, Iowa, and Manitoba also have policies requiring or encouraging the development and use of renewable resources.
The purpose of M-RETS is to help participants meet their renewable energy standards and objectives. M-RETS will provide a tool to collect data on renewable energy production and provide a mechanism for monitoring the respective goals of each state and province. It will also promote trading credits with neighboring jurisdictions in the region to help meet policy requirements.
"Creating a market-based trading program for Minnesota and our neighboring states is the next logical step toward meeting our renewable energy goals," said Edward Garvey, Deputy Commissioner for Energy at the Minnesota Department of Commerce. "M-RETS supports a regional trading market which will keep the costs of developing renewable energy down and promote more renewable energy generation."
APX Inc., North America's leading technology and administration provider for environmental and energy markets, has been chosen to implement M-RETS. APX was awarded a four year contract and the system is scheduled to become operational in the summer of 2007. Several other states and provinces in the region are also expected to join as the program progresses.
The M-RETS contract and technical recommendations were developed with extensive support from the Great Plains Institute, on behalf of Powering the Plains and the Izaak Walton League of America, as well as the Center for Resource Solutions.