MANCHESTER – Americans for Prosperity – New Hampshire (AFP-NH) today called for an end to the failed cap and trade scheme known as the Regional Greenhouse Gas Initiative (RGGI). This week, the New Hampshire House of Representatives will vote on HB 630, which, as introduced, would remove New Hampshire from RGGI. By RGGI’s own projections, it increases the cost of the average ratepayer’s bill by 43 cents each month, or over $5 each year, and by up to 0.55% for commercial ratepayer’s cost, which could amount to thousands of dollars each year.
“At a time when our focus should be on creating new jobs and growing the economy, RGGI is a program that undermines our competitiveness and hurts our ability to bring companies here while hurting our ratepayers,” said Greg Moore, AFP-NH State Director. “Right now, our residents and small businesses are struggling with record high prices of gas and heating oil. The solution is to get out of this failed cap-and-trade scheme and move to restore the New Hampshire Advantage. When we have among the highest electricity prices in the nation, we can’t afford to be part of RGGI and make the case that we are the place to bring business here. It’s time to put an end to this futile experiment and cut our electric rates so that we can put our focus back on getting our over 43,000 unemployed residents back to work.”
As a result of a spate of recent failed RGGI auctions in which the price for credits failed to clear above the floor price, the program has moved to reduce the credits available to increase the cost to ratepayers.
“The recent RGGI auctions have demonstrated for all to see that the emperor is not wearing any clothes,” added Moore. “The efforts by RGGI to prop up a program that has been an abject failure show that it is simply a way for states to soak ratepayers in order to hand out ratepayer funds to special interests. The only solution is to pull New Hampshire out of RGGI and give rate relief to our hard-working citizens. That’s why we urge members of the House to pass HB 630 without amendment and put an end to this botched plan so that we can get back to creating jobs and putting more money in the pockets of our citizens.”