Google the phrase "rent extraction." It will change your life.
Wall Street Journal (1/4/25) editorial: "PJM has approved 38 gigawatts of new generation—enough to power 28.5 million homes—that hasn’t been built. High interest rates and inflation have made offshore wind uneconomic even with generous subsidies. Permitting can delay new transmission lines by years, and a green-energy transition has exacerbated a shortage of power transformers. Enter Mr. Shapiro, who last week pitched an energy plan to fast-track the construction of renewables and a cap-and-trade program that would effectively subsidize them by punishing fossil fuels. Such policies would likely lead to the retirement of more base-load fossil fuel generators, resulting in higher auction prices and electric rates. To prevent the predictable results of his policies, Mr. Shapiro threatened to pull Pennsylvania out of PJM—which could result in energy shortages across the region—if it didn’t lower its cap on auction prices. Now the Governor is claiming victory after PJM bowed to his demands."
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"While certainly induced by California’s normally warm, dry climate and bouts of extreme weather, these wildfires have been amplified by poor policy choices. The intense fires have far more to do with leadership failures than carbon dioxide emissions. It’s time for the state to step away from symbolic gestures and return to sound, science-based management that protects its people and forests."
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– Jason Hayes, Mackinac Center
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