Via Daily Caller:
If you’re unsure of what impacts pending EPA regulations will have on the U.S. coal industry, look no further than a new government study showing huge declines in coal production and use as power plant fuel.
More importantly, government forecasters predict the U.S. economy could take a $1.4 trillion hit by 2040 because of the EPA’s pending power plant regulations.
The Energy Information Administration (EIA) forecasts the EPA’s “Clean Power Plan” will more than double projected coal-fired power plant retirements in the next five years, from 40 gigawatts to 90 gigawatts, and coal production could collapse more than 30 percent in the next decade.
“All major coal-producing regions (West, Interior, and Appalachia) experience negative production impacts in 2020,” EIA predicts in its report on the impacts of the EPA’s global warming rule. EIA also warns that electricity prices will increase faster due to EPA rules.
The EPA will soon finalize rules to regulate carbon dioxide emissions from new and existing power plants. Agency rules governing existing power plants, the so-called “Clean Power Plan” (CPP) have garnered the most criticism.
CPP aims to reduce CO2 emissions from power plants 30 percent below 2005 levels by 2030. Coal state lawmakers and the industry have heavily opposed the rule, saying it will cause massive amounts of job losses and cause energy prices to rise. EIA’s new report confirms at least some of these worries.
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