In January 2008 Barack ObamaÂ toldÂ the San Francisco Chronicle:
âUnder my plan of a cap and trade systemÂ electricity rates would necessarily skyrocket. Businesses would have to retrofit their operations. That will cost money. They will pass that cost onto consumers.â
He promised that his plan would cause electricity rates to skyrocket.
Chase Power, the parent company behind the $3 billion Las Brisas coal power plant in Corpus Christi, Texas, announced yesterday that it was cancelling the project.
âChase Power âŚ has opted to suspend efforts to further permit the facility and is seeking alternative investors as part of a plan of dissolution for the parent company,â Chase CEO Dave Freysinger told theÂ Corpus Christi Caller-Times.
Freysinger made it very clear who was responsible for the projects death. âThe (Las Brisas Energy Center) is a victim of EPAâs concerted effort to stifle solid-fuel energy facilities in the U.S., including EPAâs carbon-permitting requirements and EPAâs New Source Performance Standards for new power plants,â he said.
The Las Brisas power plant had been part of a larger Las Brisas Energy Center project planned for Corpus Christiâs Inner Harbor.Economists had projected that in the first 5 years of construction and operation the project would create as 1,300 direct and 2,600 indirect jobs. Now none of those jobs will exist.
âThese costly rules exceeded the bounds of EPA authority, incur tremendous costs, and produce no real benefits related to climate change,â Freysinger commented.