Obama’s quest for “green” energy, in conjunction with the EPA’s endless quest for power, is hitting Americans where it hurts: in the wallet.
A new report came out from the Manhattan Institute about the impact of forced renewable energy on consumer energy prices. As of right now, 29 states have adopted minimum mandates for “green” energy. Obama wants these standards to be adopted nation-wide. But the study found that in the states that have adopted these green energy mandates, electricity costs were up and economic growth was down.
Specifically, in the states adopting “renewable portfolio standards” (RPS), electricity costs were on average 32 percent higher than in states without such mandates. In coal-dependent states, the damage is even worse; in the past decade, those regions have suffered a 54 percent hike in electricity costs. (You do remember Obama saying he was going to bankrupt the coal companies, don’t you?)
Despite the costs, and in advance of more sweeping regulations, the Obama administration has persisted in toughening rules on emissions, causing the closure of low-cost coal-fired generators and a shrinkage in the amount of electricity produced from coal. The burgeoning rules could result in closing as much as 7 percent of the nation’s power production. One study suggests these changes alone could boost retail electricity costs as much as 12 percent by 2016. So much for not raising taxes on the middle class.
