Thanks Barack… American Electric Cuts 600 Jobs, Closes Several Plants to Comply With Oppressive EPA Regulations
Let’s face it.
Obama doesn’t give a damn about creating jobs. He only cares about fundamentally changing America and destroying its wealth.
American Electric Power on Thursday announced it plans to shut down several coal-fired power plants, convert or retrofit others, and cut as many as 600 jobs in the next few years to comply with regulations proposed by the U.S. Environmental Protection Agency.
Based on the proposed regulations, AEP will have to retire nearly 6,000 megawatts of coalfueled power generation; upgrade or install new advanced emissions reduction equipment on another 10,100 megawatts; refuel 1,070 megawatts of coal generation as 932 megawatts of natural gas capacity; and build 1,220 megawatts of natural gas-fueled generation.
The cost of AEP’s compliance plan could range from $6 billion to $8 billion in capital investment through the end of the decade. The company said high demand for labor and materials due to a constrained compliance time frame could drive actual costs higher than these estimates.
AEP said the plan, including retirements, could change significantly depending on the final form of the EPA regulations and regulatory approvals from state commissions.
The retirements and retrofits in the plan are in addition to more than $7.2 billion that AEP has invested since 1990 to reduce emissions from its coal-fueled generation fleet, according to the c o m p a n y.
John Hinderaker has more on Obama’s plan to make America weaker and poorer.