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Last
Updated: May 13th, 2010 - 08:16:55
Local News
“The following article is a letter from Mid-Ohio Energy president & CEO John Metcalf, discussing the potential effects of pending energy bill HR 2454.”
Pending legislation could have a major impact on the affordability and reliability of our country’s energy. Ohioans and individuals in rural areas could be hit especially hard if bill H.R. 2454 is passed in its current form. We would like to encourage individuals to get involved by contacting their legislators and asking them to ensure affordable energy in the future.
Some aspects of the national green movement have been a good thing for Ohio and our nation, but original intent and final result don’t always dovetail. This is the case with a “global warming” bill currently before Congress. It masquerades as a green measure, when in reality it’s a license for Wall Street traders and financial speculators to gain control of energy pricing in America, as well as a source of massive tax revenue for the U.S. government.
Just before Memorial Day, the House Energy and Commerce Committee passed HR 2454, the American Clean Energy and Security Act of 2009. This legislation, soon to be considered by the entire House, is bad for Ohio’s consumers and economy since more than 85 percent of Ohio’s electricity comes from coal-fired generation.
The problem with the proposed bill is its reliance on cap and trade – capping greenhouse gas emission at three percent below 2005 levels in 2012 and then ratcheting down the cap every year thereafter. Since no technology exists for capturing carbon dioxide and sequestering it, most utilities, refiners, and other emitters will be forced to purchase or trade for emission allowances and offsets needed to continue operations. (The legislation fixes the quantity of emission offsets, and the pool of emission allowances declines over time.)
A better description of the HR 2454 is “cap and tax”. At direct expense to consumers in increased prices paid for electricity, natural gas and transportation fuels, dollars will flow to Washington, D.C., and to other non-covered entities designated by Congress to receive free allowances to sell. The Congressional Budget Office (CBO) forecasts increased federal revenues (taxes) from these emission allowances to exceed $846 billion in the next 10 years.
The export of dollars from Ohio and other Midwest states is an especially punitive feature of HR 2454. The legislation grants free allowances to electric utilities with mostly non-carbon generation (hydroelectric or nuclear). These free allowances in turn will be sold to utilities that need them. This is an energy tax on consumers and disproportionately on consumers in Ohio and other Midwest states who are dependent upon coal-fired electric generation.
Just as worrisome, cap and trade is an invitation for Wall Street to set prices for all forms of energy, including electricity. As the pool of emission allowances available for sale diminishes in relation to the declining cap, we can expect sharply higher future unit costs for emissions and offsets. Allowance auctions after 2012 will have the net effect of increasing household energy bills by driving up fuel prices and creating a multi-billion dollar playground in an unregulated companion trading market.
© Copyright 2008 by Marion.Net
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