Richard Kauffman
Richard L. Kauffman | |
|---|---|
| Born | February 10, 1955 |
| Occupation(s) | Energy policy official, businessman |
| Known for | Chairman of Energy and Finance for New York, Reforming the Energy Vision initiative, NY Green Bank |
Richard L. Kauffman (born February 10, 1955) serves as New York State's inaugural "energy czar," officially designated as Chairman of Energy and Finance for New York under Governor Andrew Cuomo. In his capacity as the state's chief energy official, he directs energy policy and supervises agency functions, spearheading the "Reforming the Energy Vision" program.
Early life and education
Kauffman completed his secondary education at Phillips Academy in Andover, Massachusetts and obtained a bachelor's degree in African History from Stanford University. He further advanced his studies by earning master's degrees in international relations from Yale University and in public/private management from the Yale School of Management.
Private sector career
Kauffman began his tenure at Morgan Stanley in 1993 as vice chairman of the Institutional Securities Group, where he provided expertise in capital raising and financial advisory services including mergers and acquisitions, restructurings, real estate, project finance, and corporate lending. Additionally, he co-led Morgan Stanley's Banking Department and was a member of the European Executive Committee for Morgan Stanley International.
In 2004, he joined Goldman Sachs as a partner, chairing the Global Financing Group and contributing to key committees such as the Partnership and Investment Banking Division Operating Committees. By 2006, Kauffman assumed the role of CEO at Good Energies, Inc., a prominent private equity fund focused on clean energy investments.
Obama administration
Kauffman entered the U.S. Department of Energy in 2011 as Senior Advisor to Secretary Steven Chu, applying his capital markets experience from the private sector to promote renewable energy and energy efficiency projects. During his leadership of the DOE Loan Programs Office, he guided its portfolio through a pivotal phase, transforming it from problematic loans into a profitable venture supporting clean energy enterprises.
Chairman of Energy and Finance for New York
Appointed in January 2013 by Governor Andrew Cuomo, Kauffman assumed responsibility for New York’s comprehensive energy portfolio as Chairman of Energy and Finance for New York. His oversight includes managing the New York Department of Public Service, New York Power Authority, Long Island Power Authority, and the New York State Energy Research and Development Authority (NYSERDA), where he was appointed board chair in June 2013. Under his leadership, efforts focus on fostering clean energy markets and advancing technology deployment through the "Reforming the Energy Vision" initiative.
Reforming the Energy Vision (REV)
At the helm of New York State’s Reforming the Energy Vision (REV) initiative, Kauffman drives the transition toward "a cleaner, more affordable, more modern and more efficient energy system." This strategy promotes expanded use of distributed energy resources such as rooftop solar installations, enhanced energy efficiency measures, and battery storage solutions. REV involves comprehensive policy reforms that restructure state regulatory frameworks while supporting clean energy research, financing mechanisms, and implementation.
REV regulatory proceeding
In April 2014, under the leadership of Kauffman and New York Public Service Commission Chair Audrey Zibelman, the NYPSC initiated a regulatory overhaul targeting New York's electric utility industry. The process aimed to modernize the electrical grid by encouraging efficient energy consumption, boosting the integration of renewable sources such as wind and solar, and enhancing Distributed Energy Resources (DERs) including microgrids, on-site generation, and energy storage solutions. The reform also promotes advanced energy management technologies designed to increase demand flexibility and optimize grid operations. A central objective is to evolve utilities into Distributed System Providers (DSPs) that effectively oversee and value a variety of DERs.
Clean Energy Fund (CEF)
A vital component of the REV initiative is the Clean Energy Fund (CEF), administered by NYSERDA, which dedicates $5 billion to foster renewable energy and efficiency markets within the REV framework. NYSERDA sought permission to reallocate funds among CEF portfolios to remain responsive to shifting market dynamics. This request received strong support from clean energy proponents, including organizations like the Sierra Club.
NY Green Bank
In 2014, Kauffman collaborated with NYSERDA to establish NY Green Bank, a state-backed financial institution designed to attract private capital for renewable energy and energy efficiency projects that often encounter funding obstacles. Its mission is to facilitate financing for dependable and efficient energy solutions while lowering greenhouse gas emissions. NY Green Bank tackles market challenges by providing credit enhancements, aggregating projects, and securitizing assets, partnering exclusively with private lenders to leverage its resources. It stands as the largest Green Bank in the United States.
NY-Sun
Governor Cuomo and Kauffman launched the NY-Sun solar initiative in April 2014 with the goal of expanding solar power capacity across New York State. This $1 billion program offers long-term, consistent incentives over a decade to support photovoltaic (PV) solar installations, aiming to cultivate a self-sustaining solar industry capable of thriving without ongoing subsidies.
NY Prize
In February 2015, the Cuomo administration unveiled NY Prize, a $40 million competition focused on developing community microgrids throughout New York. These microgrids are localized energy networks capable of independent operation during emergencies and feeding electricity back into the main grid. They incorporate renewable sources such as solar, wind, hydroelectric power, or combined heat and power systems for localized generation.
Board memberships and awards
In 2014, Fortune Magazine recognized Kauffman as one of the World's Top 25 Eco-Innovators alongside notable figures including Elon Musk and Bill McKibben.
Kauffman has held the position of Chairman at Levi Strauss & Co., and served on boards such as the Brookings Institution, Wildlife Conservation Society, The New School, Alvin Ailey American Dance Theater, and New York Philharmonic. He is a member of the Yale School of Management Board of Advisors and co-chairs the advisory board for the Yale Center for Business and the Environment, where he also serves as an instructor. Additionally, he sits on the board of the Wallace Foundation and holds membership in the Council on Foreign Relations.