New numbers reveal EPA’s plan will send electricity prices soaring
November 9, 2015
New analysis from NERA Economic Consulting on the Environmental Protection Agency’s final carbon rule for existing power plants reveals what we’ve been saying all along –consumers and businesses will be hit hard by skyrocketing electricity price increases. With its expensive price tag of nearly $300 billion, you would expect to see significant environmental benefits, right? Wrong. The so-called Clean Power Plan will have no effect on its purported claim of reducing global greenhouse gas emissions.
Here’s a rundown of how the dice fall if EPA’s rule goes into effect:
- Everyone feels it. Every state in the Lower 48 will see electricity rate increases. Forty of those states will feel the pinch of double-digit price hikes. Twenty-eight of those states could see peak-year price increases of at least 20 percent.
- States get hit hard. Utah, North Dakota and Wyoming are disproportionately affected by the costly power plan and will experience electricity rate increases in excess of 40 percent.
- Cap and trade by another name still means higher electricity rates. EPA claims its cap and trade lookalike scheme is cost-saving and “efficient” but NERA’s analysis proves otherwise showing a national average increase as high as 14 percent.
These numbers are especially dire for the 59 million middle- and low-income families who bring home on average less than $2,000 a month and already spend 17 percent of their hard-earned dollars on energy. To make ends meet and keep the lights on, they’ll have to shave precious dollars off of other necessities like groceries and health care.
The conclusion of NERA’s analysis is clear: higher electricity prices are on their way courtesy of EPA. It’s time the president and his bureaucratic chums look at the math and determine if they’re really willing to put our country’s families into financial turmoil in order to fulfill their political goals.
For a full picture of the how the numbers will play out if the president and EPA have their way, click here.