Speaking of the Clean Power Plan, the Institute for Energy Research has the latest on the analysis of the rule’s costs to the nation’s ratepayers:
Energy Ventures Analysis (EVA) just released its analysis of the EPA’s “Clean Power Plan” (CPP), which mandates a 32 percent reduction of carbon dioxide emissions from the electric generating sector by 2030 from 2005 levels. While EPA claims the regulation will be virtually cost free, this study finds:
Consumers will pay an additional $214 billion by 2030;
45 states will see double digit increases in wholesale electricity costs; and
16 states will see a 25 percent or higher increase in wholesale electricity costs.
Further, 41,000 megawatts of perfectly good electric generating capacity will be forced to prematurely retire, costing the nation $64 billion to needlessly replace. While the costs of the regulation are high, the carbon dioxide reductions are almost non-existent. The regulation would reduce global carbon dioxide emissions by less than 1 percent and global temperatures by 0.02 degrees Celsius by 2100, according to EPA’s own models.[i] The CPP appears to be more of an excuse to fundamentally transform the nation’s electrical generating system from a reliable and affordable one to one that burdens Americans with costly and unreliable energy, consistent with President Obama’s promise to make “electricity prices necessarily skyrocket.”
Colorado’s rates will increase approximately 20 percent by 2030, easily the highest increase among its Rocky Mountain west neighbors, tied with Wyoming. Replacing capacity in Colorado will cost $3.3 billion or more.
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