The Biz Bucks Blog provides former Biz Bucks students and other busy professionals with a summary and commentary of seminal articles from the opinion pages of the Wall Street Journal. You can be notified of a new posting by subscribing to the blog (enter email in box on right) or by following on Twitter: @BizBucksGuy.
EPA’s Clean Power Plan: Part A August 20, 2015 1:00 PM
WSJ 10 August 2015, page A13: “The Price Tag for Uprooting America’s Electric Grid” by Thomas Pyle
Pyle heads the Institute for Energy Research (IER). Amazingly, a recent IER study is the first of its kind. It compares new electric generation costs with the cost of existing plants. The data are alarming. The EPA’s new Clean Power Plan will cost US citizens an astronomical amount for little or no gain in reducing global climate change.
The cost of a megawatt-hour of electricity from existing nuclear, hydro, coal and natural gas is $29.60, $34.20, $38.40, $48.90, respectively. Comparatively, new natural gas plants will cost $73.40 per megawatt-hour. New wind facilities will cost $106.80.
EPA’s new Clean Power Plan, one that has been thrust upon us without Congress, has set a goal for a 32% reduction in carbon-dioxide levels (from 2005) by 2030. That’s fifteen years from now. This will require the shuttering of some 90 gigawatts of coal plants in the next few years, being replaced with new natural gas and renewables. The EPA PR machine has the gall to advertise this massive change as needed to protect our health and to reduce energy bills for households and businesses. What a load of hooey!
The massive cost increase of electricity that the Clean Power Plan will reach $680 per year for each household, annually, according to a recent study by Energy Ventures Analysis. That is a regressive tax on the poor. And for no real improvement in health. As Pyle said, “EPA is inflicting the most harm on those who could least afford it.”
The Biz Bucks Guy has long doubted the PR machine around global warming. Regardless of the alleged possible benefits of a reduction of carbon, those benefits should have been balanced against the economic millstone around the necks of all Americans, particularly the poor. This draconian executive mandate is a federal takeover of the electric energy industry which, heretofore, has served us well for over a century.
[Although opinion is included, The Biz Bucks Blog is primarily written to former students of Biz Bucks training courses to encourage their daily reading of the three opinion pages of the WSJ. This refreshes principles of Biz Bucks courses and also improves business acumen on topics not discussed in Biz Bucks training.]
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