Hartford Business Journal

www.HartfordBusiness.com September 12, 2016 • Hartford Business Journal 5 CT projected to continue low-wage job growth; higher-ed degrees will pay more Forty three per- cent of the jobs cre- ated in Connecticut over the next eight years will be for workers who have a college degree, but as many as 39 per- cent of new jobs will be for people with a high school diplo- ma or less. That's according to a new analysis of Connecticut's work- force projections by the state Depart- ment of Labor. Meantime, Con- necticut workers with higher-educa- tion degrees stand to make much more money. For example, nearly 12,000 jobs that require a bachelor's degree or higher are expected to be cre- ated in Connecti- cut through 2024 that will pay over $75,000. On the flip side, approximately 15,000 jobs expected to be created over the next eight years that require no diploma will pay $30,000 or less, according to labor department projections. The numbers indicate that having a higher-education degree will continue to give residents a leg up in the state's work- force over the next eight years, but also that Connecticut's economy will continue to churn out a high percentage of low-wage jobs, which has been one of the major drags on the state's economy since the Great Recession. The workforce projections are made using data provided by the U.S. Bureau of Labor Statistics, which produces 10-year projections of the U.S. labor force. — Greg Bordonaro REPORTER'S NOTEBOOK Electric suppliers pay for clean-energy shortage More than half of the electricity suppli- ers operating in Connecticut will pay a com- bined $7.9 million for missing renewable- energy targets in 2014, the Public Utilities Regulatory Authority disclosed in a recent draft decision. That's down from $38.1 million in 2013 and $38.9 million in 2012. The majority of the so-called alternative compliance payments in 2014 — approxi- mately $7.7 million — will go to Eversource and Avangrid, mainly to offset the cost of con- tracts under the state-mandated LREC and ZREC programs, which the legislature has said is a way to reduce costs for all ratepayers. Also included in the $7.7 million is $533,000 for conservation and load manage- ment programs. Meanwhile, the Connecticut Energy Effi- ciency Fund will receive $178,000. The payments are a component of the state's renewable portfolio standard (RPS), which was created in 1998 and requires elec- tricity suppliers — including third-party sup- pliers and the state's two regulated utilities — to obtain a minimum percentage of their retail energy from renewable sources. Of the 46 suppliers operating in the state in 2014, 20 were found to be fully compliant with the RPS, according to PURA's draft decision. The largest deficiency in renewable energy credits in 2014 continued to be in the "Class I" category, which includes solar, wind, fuel cells, geothermal, landfill methane gas, anaerobic digestion and other generation technologies. The penalty for Class I deficiencies is $55 per megawatt hour. In 2014, suppliers were required to obtain 11 percent of their retail load from Class I sources. That percentage is sched- uled to reach 20 percent by 2020. The following companies will make the largest payments for the 2014 renewable energy credit deficiencies: • Verde Energy USA, $2 million • North American Power and Gas, $1.4 million • Abest Power & Gas, $1.3 million • Starion Energy, $1.2 million — Matt Pilon PDS has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. Colonial Point Church | South Windsor, CT PDS Engineering & Construction served as Design- Builder for this new worship facility on Chapel Road in South Windsor, CT. The church offers recreational and meeting opportunities for members of the general community. Project Features: - Sanctuary - Lighted tower - Classrooms - Recreational spaces - Meeting spaces Total Project Size: 8,500 SF 107 Old Windsor Road, Bloomfield, CT 06002 (860) 242-8586 | Fax (860) 242-8587 www.pdsec.com DESIGN BUILDERS • GENERAL CONTRACTORS • CONSTRUCTION MANAGERS SPOTLIGHT ON: RELIGIOUS PDS ENGINEERING & CONSTRUCTION, INC. THINK • PLAN • BUILD At the Hartford Foundation for Public Giving, we bring those who need, and those who give, together for good. Find out how you can be a philanthropist too at hfpg.org. As part of the 1925 Society, I plan to leave a lasting legacy for the community I love. I am a philanthropist. CT's Projected Employment Growth by Educational Requirements, 2014–2024 Advanced 10% No Diploma 27% High School or GED 12% Postsecondary/ Training 18% Associate's 3% Bachelor's 30% S O U R C E : C O N N E C T I C U T D E P A R T M E N T O F L A B O R Projected CT Job Openings by Education/Wage 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Average annual openings No diploma High school or GED Middle skill Bachelor's or above $30,000 or less $30k to $50k $50k to $75k Over $75k

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