In a move that will hike electricity prices and the prices of all goods that use electricity and will create unemployment around the coal-fired power plants that will need to close. President Obama's Environmental Protection Agency will unveil a sweeping proposal Monday that will require deep cuts in carbon emissions from power plants, including a 30% national target by 2030.
The draft rule will require states to develop and implement plans to cut power plant emissions of heat-trapping carbon dioxide. It will give states different reduction targets but will seek a national average -- from 2005 levels -- of 25% by 2020 and 30% by 2030, say those familiar with the plan.
The rule does not go into effect for at least another two years, because the EPA will take a year to finalize the proposal (after the coming elections) and after that will be given at least a year to craft their plans. According to the WSJ who broke the story:
States can decide how to meet the reductions, including joining or creating new cap-and-trade programs, deploying more renewable energy or ramping up energy-efficiency technologies.
The proposed rule will regulate carbon emissions from hundreds of fossil-fuel power plants across the U.S., including about 600 coal plants, which will be hit hardest by the standard.Ten of the states electing Senators in 2014 are coal manufacturing states. Six of those states either have Democratic party incumbents or are open seats (in red). It will be interesting to see if those Democrats put their state's interests before their party and slam tomorrow's announcement an pledge to fight against it. It is doubtful they will, providing the Republicans in these states another reason to fight for a GOP majority in the Senate.
Looks like the Democrats chose Obama over their states' economy, Jeff Mason Reuters White House correspondent just tweeted:
Obama called Senate and House Democrats today to thank them for their support of the EPA carbon pollution standards, a WH official says
— Jeff Mason (@jeffmason1) June 1, 2014