WASHINGTON, Dec. 18, 2015 /PRNewswire-USNewswire/ -- The plan for reducing carbon emissions from existing power plants that President Obama unveiled at the climate conference in Paris will come with an overall price tag that should greatly trouble American consumers and business and will have little meaningful impact on global warming, cautioned the National Mining Association.
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"The plan will replace low-cost power supplies with more expensive and less reliable sources of power. And these increases will show up in monthly utility bills and have a particularly devastating effect on low-income households. About half of all American families already pay close to 20 percent of their disposable income on energy-related expenses," said Luke Popovich, Vice President, Communications, National Mining Association.
Refuting the Obama administration's claim that its Clean Power Plan will be virtually cost free, a new analysis by Energy Ventures Analysis (EVA), finds consumers will pay an additional $214 billion by 2030, with 45 states facing double digit increases in wholesale electricity costs and 16 states saddled with a 25 percent increase or more. Added to this total will be a projected $64 billion bill to replace an estimated 41,000 MW of power plant capacity that will be forced to close, enough to power 24 million homes.
"While the Paris climate agreement is only a set of unenforceable guidelines, the president's emissions reduction plan obligates the United States to be the only 'good kid in the class' by shutting down coal power plans and increasing costs to consumers, even as other countries remain free to flout the U.N. guidelines and ramp up their use of coal," Popovich said.
"The irony is that the U.S. already is the good kid, developing and implementing the clean coal technology that lets the world continue to use this plentiful and affordable resource without cumbersome and intrusive regulations."
In an attempt to transform the nation's electricity system under the Clean Air Act, EPA mandates a 32 percent cut in U.S. CO2 emissions by 2030 from 2005 levels. To accomplish this, the CPP would displace 40 percent of total U.S. coal-fired power generation, but reduce global carbon dioxide emissions by less than 1 percent and global temperatures by 0.02 degrees Celsius by 2100.
"There are better ways to address climate change without damaging the American economy -- and actually have a meaningful impact on global warming. It starts with developing the technology that can make coal cleaner to use. After all, at the UN climate conference the president heard that the rest of the world will be using more coal whether he likes it or not. For that reason, better technology for the world – and not more regulation for the US -- is the most effective approach for addressing climate change," said Popovich.
For more information, please visit www.nma.org
The National Mining Association (NMA) is the voice of the American mining industry in Washington, D.C. Membership includes more than 325 corporations involved in all aspects of coal and solid minerals production including coal, metal and industrial mineral producers, mineral processors, equipment manufacturers, state mining associations, bulk transporters, engineering firms, consultants, financial institutions and other companies that supply goods and services to the mining industry.
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SOURCE National Mining Association