Waxman-Markey: How much will your electric bill increase?
The Waxman-Markey “Let’s-Hogtie-The-Economy-and-Throw-It-In-A-Ditch” Act of 2009 will be brought up for a vote of the full House on Friday. Here is a pdf with an analysis, and a map, showing the surplus (or shortfall) that your state is projected to have based on allowances apportioned by the Congress.
Any shortfall will be made up in increased utility charges. Note that this analysis is through 2012 only. Analysis by the National Mining Association.
Based on the allowance allocation formula in H.R. 2454 for electricity consumers, the red states will not have enough allowances to cover their emissions from electricity generation. The shortfall in allowances to the red states will lead to higher electricity costs for consumers, the total of which will roughly correlate with the dollar losses noted on the map. For example, Texas electricity consumers will see electricity costs go up by roughly $1 billion. To make up the shortfall, red states will have to seek high-cost, non-CO2 emitting electricity sources, reduce electricity production and consumption, or purchase allowances from the green states, or purchase domestic and international offsets, likely a combination of the three.
H/T Kari Scott, CRC Public Relations.