Who Will Benefit From Cap and Trade and it Ain’t the American Consumer

• Energy companies are among the Waxman-Markey legislation supporters, and the authors cite a story in Forbes magazine in which American Electric Power CEO Mike Morris says his company’s rates “could go up as much as 30% to 50%” as the company begins “to react in a costly cap-and-trade market or deploy carbon-capture and storage technology.” However, carbon law will not negatively affect AEP, he says. “Our business profile actually increases.”

“John Rowe — CEO of Exelon, one of the nation’s largest electricity distributors — estimates that for every $10 increase in the price of cap-and-trade permits, Exelon’s annual revenues will increase $750 million,” the report says, adding that “electric utilities support Waxman-Markey, because they stand to make a fortune from it.”

“Everyone acknowledges that the cost of Waxman-Markey will fall on citizens and small businesses, not on so-called ‘carbon polluters,’” many of whom, the report says, “can shift their production activities — and the corresponding jobs — to countries with less stringent environmental standards.”

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