In the case of RGGI, the cost of carbon allowances would fall mostly on gas and coal plant owners and shareholders.
warning that the Regional Greenhouse Gas Initiative’s fee which they estimated to be $13/metric ton on carbon emissions from coal and gas-fired power plants, “will cripple our economy at a time when we can least afford it.”, Senators Gene Yaw and John Yudichak said, “This de facto carbon tax will translate into electricity bills spiking by double digits, ballooning fuel costs and price increases on just about everything we use daily ... Thousands of jobs will disappear ...
Wait ... what? What about crippling our economy, spiking electricity bills, and taxpayers deserving to know the true cost? Not a word. In fact, Yaw is actuallythat promotes carbon capture and sequestration and which, if enacted, would increase the cost of producing electricity in Pennsylvania coal and gas power plants by at least $2.1 billion billion annually. And, if proposed federal tax policy is adopted, the increase would be nearly $3 billion per year.
In the case of RGGI, the cost of carbon allowances would, contrary to opponents’ claims, fall mostly on gas and coal plant owners and shareholders. That’s because power from those plants is replaceable with less expensive power from wind and solar. So coal and gas plant owners will face a choice of either eating most of the cost or closing.