Could carbon cap reduce New York energy bills?

And here's what's happening at the state Capitol this week.

Good afternoon — It’s Monday and Environmental Education Day.

In today’s CapCon:

• The New York State Energy Research and Development Authority’s new operating plan is focused on affordability

• What’s happening at the state Capitol Tuesday, Jan. 27, 2026.

• A new bill proposes to regulate utility companies based on their performance by creating new incentives and penalties.

• This Week in New York History: The Baseball Hall of Fame and the first female state paleontologist.

Names in today’s CapCon: Kathy Hochul, Richard Ball, Kathy Moser, Donald J. Trump, Kaitlin Asrow, Mario Cilento, Didi Barrett, Patricia Canzoneri-Fitzpatrick, Gustavo Rivera, Ty Cobb, Walter Johnson, Christy Mathewson, Babe Ruth, Honus Wanger, Winifred Goldring, Erastus Corning, Thomas P. DiNapoli, John Sarcone

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🚨 Event with Gov. Kathy Hochul: We’re hosting a live conversation with Gov. Kathy Hochul on Feb. 2 in the Albany area. If you’re a paid subscriber to CapCon, you can find the link to RSVP below in today’s newsletter.

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The Cogen plan in the Port of Rensselaer in 2014 (Skip Dickstein / Times Union)

⚡ RGGI funds to fight high electric bills?

From Timothy Fanning

Lower energy bills are taking priority in New York’s clean energy future.

On Monday, board members of the New York State Energy Research and Development Authority green-lit a new operating plan that puts affordability front and center.

The plan leans heavily into that goal, with a continued investment through the Regional Greenhouse Gas Initiative. That’s the partnership between 10 northeastern states that have collectively agreed to reduce emissions from fossil fuels.

They’ve done that by setting a cap on the number of tons of carbon dioxide that can be emitted between them over time. Large power plants that burn fossil fuels to produce electricity then have to buy allowances to emit carbon dioxide.

The proceeds from those sales are then reinvested by the states into things like energy efficiency and renewable energy projects. It’s like a larger version of the cap-and-invest program that’s expected to eventually come online in New York.