National Energy Tax Imposed by “Cap and Trade” Scheme ALREADY Increasing Electricity Rates
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 mere specter of a new national energy tax is already having an impact on utility rates. Last week, 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 hear from these companies about just how high rates are going to go before we vote on this legislation.”
1. On page 6 of their application for a rate hike, Duke Energy Carolina LLC notes that, “it is expected that greenhouse gas reduction requirements will result in additional compliance costs in the near future.”