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“Cap and Trade” Scheme Increasing Electricity Rates

April 01, 2015

Washington, DC – Responding to proposed electricity rate increases in North Carolina, Ways and Means Ranking Member Dave Camp (R-MI) today questioned how many other power companies across the nation were considering increasing rates in anticipation of the requirements of H.R. 2454, the national energy tax created under the Waxman-Markey “cap and trade” bill. 

“The bill hasn’t even hit the floor of the House and higher utility rates are already being proposed,” said Camp.  “This is a bad bill that is very harmful to families already struggling to make ends meet.  Before we rush to a vote on this energy tax, we need to know how many other companies are going to increase rates on their customers.”

According to press reports, the mere specter of a new national energy tax is already having an impact on utility rates. Last week, the Charlotte Observer reported that one of the nation’s largest electric power companies petitioned to impose a 13.5 percent rate increase on its residential customers – average American families.  If approved, industrial users could see rate increases as high as 15.2 percent.  The company, Duke Energy, cited the need to meet an expected cap on greenhouse gas emissions as a contributing factor to the requested rate increase. 

“Extreme spikes in electricity prices are a major concern, especially to the constituents we represent,” Camp added.  “It is critical that we from these companies just how high rates are going to go.”