New rules by the Environmental Protection Agency (EPA) imposing unprecedented restrictions on electric power plants will drive up energy bills and cost North Carolina tens of thousands of jobs, according to a study conducted by the Beacon Hill Institute of Suffolk University and released by the Civitas Institute.
The study concludes that North Carolina will experience higher electricity costs and greater effects on energy reliability than most states due to its higher portion of electricity production coming from coal-fired power plants, which are especially targeted by the EPA.
The impact on North Carolina’s economy will be significant. The study found that:
- EPA rules will cost the North Carolina economy a total of $1.7 billion between 2015 and 2030.
- The state’s economy will lose 32,120 jobs by 2030.
- Real disposable income would fall by $3.5 billion per year by 2030.
- Electricity bills for residential ratepayers will increase by about $355 per year by 2030, and for industrial ratepayers by nearly $52,000 per year.