Last year, the Environmental Protection Agency’s New Source Performance Standards required coal-fired energy plants to implement carbon capture and storage (CCS) technology, as part of the Obama government’s efforts to reduce carbon emissions. These new standards, however, also come with a price for homeowners.
Formally known as the Clean Power Plan (CPP), the regulations, considered a hallmark of the Obama administration’s environmental policy, seek to reduce carbon emissions from coal-fired power plants to decrease the threat on the environment and on everyone’s health.
Three to Seven Percent Higher
An analysis conducted by the U.S. Energy Information Administration (EIA) suggests that coal-fired power plant closures could double with the CPP’s implementation. Furthermore, the study also points to a spike of between three and seven percent in average retail electricity prices within the next decade.