Americans for Prosperity Disappointed in House Vote for Higher Electricity Rates Through Failed Cap and Trade Scheme
MANCHESTER – Americans for Prosperity – New Hampshire (AFP-NH) today expressed disappointment in the vote by the New Hampshire House to retain the cap-and-trade scheme known as the Regional Greenhouse Gas Initiative (RGGI). The House failed to pass a bill (HB 630) that would have removed New Hampshire from RGGI. In the two prior House sessions, these bills passed the chamber.
“RGGI is a destructive scheme that takes money from the ratepayers of New Hampshire to give contributions to the politically well-connected,” said Greg Moore, AFP-NH State Director. “There is no good reason why we should be asking our electric consumers to pay 43 cents each month to pay for solar panels for a multi-million dollar business like Stonyfield Yogurt. Our citizens should be outraged that their hard-earned money is being used to pay for goodies to companies that could certainly afford to make these changes on their own. This is just the type of cronyism that disgusts Granite Staters and turns people off from our political process.”
Moore pointed out that at auctions for RGGI credits, the demand results in an inability to clear the floor price, creating a failed auction. As a consequence of repeated failed auctions, the operators of the cap-and-trade scheme have proposed eliminating credits, which would result in even higher electric rates for consumers.
“Maintaining the failed RGGI program represents one more front in the War on Energy Consumers that the New Hampshire House has embarked on this session,” Moore added. “Higher electric costs through RGGI, the largest tax increase in New Hampshire history with a massive gas tax and a 25% increase in the heating oil tax are all direct hits on the wallets of our citizens. When we have among the highest energy costs in the nation, we need to be looking for ways to cut the impact on our consumers and make our state more competitive, so that we can grow our economy and bring more new jobs here.”
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