Organizers Call Regional Emissions Plan A Success

The goal has been to provide a financial incentive for power plant owners to embrace conservation, without placing themselves at a competitive disadvantage to companies that don't invest in new technology that emits less carbon.

Cap-and-trade programs achieve that goal by limiting carbon emissions and establishing a price for them in the form of offset credits.

Power plant owners that spend the money needed to curb pollution or embrace renewable energy sources receive credits that can be sold to those who don't, Fox said.

Ralph Izzo, chief executive officer of Public Service Enterprise Group Inc., said investors would be wary of utilities at the forefront of conservation efforts without the financial framework provided by the regional initiative. PSEG owns New Jersey's largest utility.

"It enables the industry's good citizens to do the right thing," Izzo said.

The Regional Greenhouse Gas Initiative includes Connecticut, Delaware, New Jersey, New York, Maine, Maryland, Massachusetts, New Hampshire, Rhode Island and Vermont.

New Jersey Gov. Jon Corzine said the initiative isn't perfect but is off to a good start. He spoke at the opening of a summit Wednesday on energy efficiency and the regional initiative at Rutgers University.