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Overview of Connecticut Clean Energy Fund

In 1998 the Connecticut General Assembly passed Public Act 98-28 “An Act Concerning Electric Restructuring.” The law’s intent was to benefit ratepayers and the state in general by opening Connecticut’s electricity market to competitive suppliers. The General Assembly’s rationale for deregulation included its recognition of the need to:

  • Provide affordable, safe and reliable electricity to support the growth of the state and the health, safety and general welfare of its citizens;
  • Reduce the state’s electricity rates, which were higher than the national average;
  • Give ratepayers the option to choose among alternative generation services and allow customers a reasonable and fair opportunity to self-generate and interconnect.

To those ends, and as part of electric restructuring, the legislature created a Renewable Energy Investment Fund (later called the Connecticut Clean Energy Fund) and the Conservation and Load Management Fund (now known as the Connecticut Energy Effciency Fund). The Fund was charged with promoting the development and commercialization of clean energy technologies and stimulating the growth of markets for electricity from clean energy sources.

The law directed that money for the Fund come from a surcharge on electric ratepayers’ utility bills and that Connecticut Innovations administer the activities and investments of the Connecticut Clean Energy Fund. Where opportunities exist, the Fund partners with the Connecticut energy Efficiency Fund to further energy conservation along with clean energy.

Renewable Technologies
The types of renewable energy that CCEF can invest in is defined by state statute as being solar energy, wind, ocean thermal energy, wave or tidal energy, fuel cells, landfill gas, hydrogen production and hydrogen conversion technologies, low emission advanced biomass conversion technologies usable electricity from combined heat and power systems with waste heat recovery systems, thermal storage systems and other energy resources and emerging technologies which have significant potential for commercialization and which do not involve the combustion of coal, petroleum or petroleum products, municipal solid waste or nuclear fission.

Guiding Principles
In keeping with our Legislative Mandate, CCEF invests public funds only in projects, initiatives or enterprises that stand to benefit Connecticut ratepayers. As we pursue our public-purpose mission, we are committed to:

  • Maintaining the highest ethical standards in all our dealings;
  • Being prudent stewards of the financial resources with which we are entrusted;
  • Operating in an open manner;
  • Leveraging our resources through partnerships with other key organizations; and
  • Ensuring that partners and the public have fair and equal access to all CCEF program opportunities and information.