Utility executive admits ‘clean coal’ could triple your energy bill
The chief of American Electric Power (AEP) described his strategy to ClimateWire in an article today. “This technology is going to save the existing [coal] fleet and save the American electrical consumer trillions of dollars,” he claimed, while acknowledging that so-called clean coal “could raise rates in some areas from 5-7 cents per kilowatt-hour to as much as 15 cents per kilowatt-hour.” How is tripling our energy bills going to save us trillions of dollars? AEP has already applied for a 45% increase in residential energy bills in the next three years because of rising coal costs. The consequences of choosing the ‘clean coal’ strategy are apparent.
Other companies are mapping out a better strategy. Yesterday Wisconsin Public Service worked out a deal to reduce customer charges, increase energy efficiency, and maintain profits. Last week Xcel agreed to fully disclose the financial risks of global warming to investors as they shut down coal plants and dramatically increase investment in efficiency and clean energy.
Thank goodness I don’t get my power from AEP.