Morning Bell: Renewable Electricity Standards Kill Jobs Too

Conn Carroll /

Cap and trade legislation is dead. The left abandoned the policy this summer when it became clear it was a liability. Sen. George Voinovich (R-OH) told Politico: “You can’t use cap and trade anymore because it is like manure on the trough. It’s defined, and people are opposed to it.” But that doesn’t mean the left has abandoned plans to hike up our nation’s energy costs in a vain attempt to save the world. All they did was pick a new a set of government mandates and repackage it as Renewable Electricity Standards (RES). Don’t be fooled. The goal (reducing emissions) and mechanism (raising energy prices) are still the same. As is the result: millions of lost jobs at a time when unemployment already is hovering around 10%.

According to a Financial Times/Harris survey conducted this month, most Americans favor an expansion of renewable energy. But that support is very weak. When asked if they would be willing to pay as little as 5% more for electricity, only 32% of Americans answered yes. On the other hand, a full 57% of Americans said they would be opposed to paying for more than a 5% increase in electricity prices for renewable energy. And that is where the left’s RES dreams hit cold hard economic reality. Here are the prices that President Barack Obama’s  Energy Information Administration (EIA) projects for various sources of electricity per megawatt hour in 2016 (in 2008 dollars):

• Conventional coal power: $78.10
• Onshore wind power: $149.30
• Offshore wind power: $191.10
• Thermal solar power: $256.60
• Photo-voltaic solar power: $396.10