Determining the Benchmark Price for the California Renewable Portfolio Standard
Union of Concerned Scientists
Completed April 2003
Synapse analyzed the value that renewable resources offer when acting as a hedge against volatile fossil-fuel prices. The analysis focused on the risk of fossil-fuel prices increasing over time in response to future environmental regulations. Synapse prepared a summary of recent activities to regulate or otherwise control CO2 emissions, and developed a quantitative estimate of the hedge value of emission-free renewables. The results were presented in the testimony of Tim Woolf before the California Public Utilities Commission, Docket No. 01-10-024. Project completed in April 2003.