Upcoming EPA GHG rule to cost $50 billion annually
As if the MATs rule’s $10 billion+ annual price tag wasn’t enough, the US Chamber of Commerce has just released a study forecasting a further $50 billion per year in costs as a result of the EPA’s planned GHG rule for existing coal plants.
The (Intitute for 21st Century Energy)’s report concludes that the forthcoming regulations could diminish the nation’s coal-fired energy capabilities by a third, as plants unable to meet the new standards shutter. Coal currently represents roughly 40 percent of the country’s energy production, and is a major part of the employment picture in many states, including West Virginia, Kentucky, Wyoming and Pennsylvania.
The Chamber’s study says as many as 224,000 jobs would be eliminated annually through 2030 under the proposal. …
If the regulations are enacted, consumers would have to pay an estimated $289 billion more for electricity and their disposable income would decrease by $586 billion, according to the report.
The EPA regulations, though, would reduce overall emissions by just 1.8 percent, during a period when global carbon emissions are expected to rise by nearly a third, the Chamber said.
The EPA was described as “bristling” at the report. However, given their track record of multi-billion dollar regulations along with their stubborn refusal (or inability) to back up the ‘science’ underlying their many new rules, it becomes difficult for reasonable people to take their protestations seriously.