Washington, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The Electricity Transmission Competition Coalition (ETCC) released a new report, FERC’s $277 Billion Electricity Price Hike, which includes the most comprehensive assemblage of consumer opinion research about their views on electricity transmission competition – and the impact on American families and business. The report details the significant and un-necessary costs that could result from the failure of FERC to enforce electricity transmission competition.
In a first-of-its-kind national survey, ETCC found that an overwhelming majority of Americans – 91% – are concerned about rising electricity costs, and 88% of people want policymakers to embrace electricity transmission competition to reduce costs.
As the U.S. transitions to cleaner energy generation in pursuit of its net-zero goals, we will need to spend an estimated $2.1 trillion[1] on new electrical transmission lines. Competitive bidding of electricity transmission projects has been proven to reduce the cost of building new transmission lines by up to 40%[2].
With 60% of Americans now living paycheck to paycheck, it is imperative that FERC upholds its mandate to ensure just and reasonable electricity prices for consumers by embracing electricity transmission competition.
In a statement, Paul Cicio, Chair of the Electricity Transmission Competition Coalition, said: “FERC’s failure to enforce transmission competition will lead to decades of electricity price inflation for American consumers. Competition is popular across party lines, and it has been the foundation of America’s economic success for generations. It is imperative that FERC steps up and enforces Order 1000; and opposes the anti-market, anti-competition position of electric utilities. Billions of dollars of avoidable consumer costs are at risk.”
The full report can be downloaded here.
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[1] NET-ZERO AMERICA: Potential Pathways, Infrastructure, and Impacts, Princeton University, https://netzeroamerica.princeton.edu/?explorer=year&state=national&table=2020&limit=200
[2] Brattle Group: Cost Savings Offered by Competition in Electric Transmission, https://www.brattle.com/wp-content/uploads/2021/05/16726_cost_savings_offered_by_competition_in_electric_transmission.pdf
