The Democrats war on our wallets continues. A recent auction for coal energy futures has resulted in prices increasing by more than 8 times over this period last year thanks to Obama's anti-coal EPA regulations designed to drive the coal industry out of business.
Last week PJM Interconnection, the company that operates the electric grid for 13 states (Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia) held its 2015 capacity auction. These are the first real, market prices that take Obama’s most recent anti-coal regulations into account, and they prove that he is keeping his 2008 campaign promise to make electricity prices “necessarily skyrocket.”
The market-clearing price for new 2015 capacity – almost all natural gas – was $136 per megawatt. That’s eight times higher than the price for 2012, which was just $16 per megawatt.
According to investors.com:
President Obama lost his battle in Congress to impose his economy-killing cap-and-trade tax on the utility industry; so now he's trying to achieve through regulation what he couldn't achieve through legislation.
Utilities have responded with plans to shut down a total of 42 gigawatts of coal-powered electricity generation — about 13% of the total U.S. coal-fired plant output. The reason: Recent regulations will make it prohibitively expensive to upgrade old plants...
...When the job losses and price hikes happen, Democrats and their green allies will blame utility "greed" — but you should know that the 24% rise in utility prices is in fact a tax, one imposed by the Obama administration.