New Report Validates Affordability of Waxman-Markey

WASHINGTON (August 4, 2009) -- A new report on the Waxman-Markey American Clean Energy and Security Act validates previous estimates that the cost of the legislation would be low—less than a quarter a day on average—while growth in America’s clean energy sector will be huge.

The report, issued by the Energy Information Administration, was requested by Chairmen Henry Waxman (D-Calif.) and Edward J. Markey (D-Mass.), the co-authors of the legislation.

The report is available on the EIA website here: http://www.eia.doe.gov/oiaf/servicerpt/hr2454/index.html

A fact sheet is available here: http://energycommerce.house.gov/Press_111/20090804/eia.aces.factsheet.pdf

• The overall impact on the average household, including the benefit of many of the energy efficiency provisions in the legislation, would be 23 cents per day ($83 per year). This is consistent with analyses by the Congressional Budget Office which projects a cost of 48 cents per day ($175 per year) and the Environmental Protection Agency which projects a cost of 22 to 30 cents per day ($80 to $111 per year).
• Renewable electricity generation is "dramatically higher" under Waxman-Markey, increasing renewable generation 28 percent by 2030.
• Advanced carbon capture and storage (CCS) technology would come online before 2020 and lead to 69 gigawatts of new CCS coal-fired generation by 2030.
• Roughly 83 percent of new electricity generating capacity would be low or zero carbon.

"The evidence is now overwhelming that this clean energy legislation is both affordable and effective. American clean energy will grow substantially, and so will clean energy jobs that can’t be shipped overseas."

Return to Press Releases »

del.icio.us   Digg this   Reddit   Stumbleupon