Renewable subsidies are poisoning the nation’s electricity grid
The Inflation Reduction Act is deeply unpopular among conservative Republicans. Yet a solid bloc of 21 GOP members of Congress recently called for keeping the its lavish tax credits for renewable energy. In a letter to the House Ways and Means Committee, they warned that disrupting the tax credits would “risk sparking an energy crisis in our country, resulting in drastically higher power bills for American families.”
There is just one problem with that claim. Our country is already facing an energy crisis and steadily rising power bills, precisely because of the Inflation Reduction Act’s renewable subsidies. Those subsidies, and the renewable tax credits in particular, are poisoning the economics of the reliable power sources we actually need, namely coal, natural gas and nuclear.
In its latest reliability assessment, the North American Electrical Reliability Corporation warns that America is facing a widening gap between electrical generation capacity and soaring demand.
Coal-fired plants, which provide reliable baseload power, are........
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