Friday, June 10, 2011

Obama's EPA costing AEP power company Billions of dollars and 600 jobs.

Obama's plan to make energy costs skyrocket for all Americans has begun.
American Electric Power Co. Inc. warned Thursday that it would have to shut down five plants and reduce operations at six others, at a cost of 600 jobs, to comply with new rules for coal-fired power plants proposed by the U.S. Environmental Protection Agency.

Strict regulations being considered by the EPA to limit emissions of mercury, lead and other toxins from coal-fired plants could take effect in 3½ years, a timeline AEP called "unrealistic." In order to meet the rules in time, the company said, it would have to close plants in Ohio, West Virginia and Virginia by the end of 2014 and retire generating units at plants in five states as soon as by the end of 2012.

AEP said that while the need to install new emission-reducing equipment at its remaining plants would create some jobs, the company's compliance plan would mean a net loss of about 600 power plant positions that pay wages totaling some $40 million a year. The EPA proposal also would lead to higher electric rates, including increases of more than 35 percent for some businesses, the company said.

"The sudden increase in electricity rates and impacts on state economies will be significant at a time when people and states are still struggling," said Michael G. Morris, AEP chairman and chief executive officer.