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New EPA Rule to Boost Energy Costs Up to 80 Percent

http://www.youtube.com/watch?v=XxhoZnAdnrU

No surprise here.

During a recent Congressional hearing, a Department of Energy official confirmed that the Environmental Protection Agency’s (EPA) new rule on greenhouse gas emissions would make electricity prices skyrocket.

Responding to a question from Representative Joe Barton (R-TX), Dr. Julio Friedmann told the committee that the EPA mandated use of carbon capture and storage technology (CCS) would make electricity prices jump by over 70 percent.

In an earlier post on my commentary, “EPA’s New Power Plant Rule Will Doom King Coal,” I explained that EPA’s goal was to stop the construction of new coal power plants by forcing utilities to use the very expensive CCS technology.

The Daily Caller‘s story, “EPA ‘clean coal’ rule would increase power prices by 70 or 80 percent,” described Friedmann’s testimony:

Dr. Julio Friedmann, the deputy assistant secretary for clean coal at the Department of Energy, told House lawmakers that the first generation of carbon capture and storage technology would increase wholesale electricity prices by “70 or 80 percent.”

The Obama administration’s plan to fight global warming includes limiting carbon dioxide from new power plants. In order for new coal-fired power plants to be built, however, they would need to install costly carbon capture and storage (CCS) technology.

“The precise number will vary, but for first generation we project $70-90 per ton (on the wholesale price of electricity),” Friedmann said. “For second generation, it will be more like a $40-50/ton price. Second generation of demonstrations will begin in a few years, but won’t be until middle of the next decade (2022-2025) that we will have lessons learned and cost savings.”

Despite EPA’s claims to the contrary, its new greenhouse gas rule will end the use of coal in the United States.

Tom Borelli

Dr. Tom Borelli is a contributor to Conservative Review and is a TV and radio commentator addressing political issues from a conservative grassroots perspective. As a columnist, he has written for ConservativeReview.com, The Washington Times and authored articles for Newsmax magazine. Dr. Borelli is also a regular political panelist on NewsmaxTV and i24 News he also co-hosts radio programs on SiriusXM Patriot with his wife Deneen Borelli. Dr. Borelli appeared on numerous television programs, including the highly ranked Fox News Channel’s “The O’Reilly Factor,” “Hannity,” “The Kelly File," and "America’s News Headquarters." He has also appeared on Fox Business Network’s “Making Money with Charles Payne” and “After the Bell” as well as TheBlaze TV’s "The Glenn Beck Program" and "Dana!" Prior to working for public policy organizations, Dr. Borelli was a managing partner with the investment advisory firm of Action Fund Management, LLC and a portfolio manager for the Free Enterprise Action Fund (FEAF) where he used shareholder activism to challenge corporations that sought to profit from the growth of government. During his 25 years with the Altria Group, Inc., he built a foundation in public policy and issues management, drawing from diverse experiences ranging from basic research to corporate affairs. Dr. Borelli served as science fellow for the U.S. House of Representatives' Committee on Science, Space, and Technology during the 100th Congress. Dr. Borelli has also published scientific papers on interferon and human leukemia.

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