February 17, 2021 Read More →

Fossil fuel industry focusing disinformation on New Jersey plan

DeSmog Blog:

Fossil fuel industry supporters and climate deniers are pushing a new climate falsehood when it comes to renewable energy: that natural gas offers a more affordable future. And they’re focusing their misinformation campaign on New Jersey.

Rather than denying the existence of climate change, the industry has switched to trying to delay the energy transition to clean energy — a transition that New Jersey’s energy master plan, introduced in January 2020 by Governor Phil Murphy, hopes to achieve. The Energy Master Plan (EMP) aims to transition the state to 100 percent clean energy by 2050.

A recent analysis on the Southwest power market by the Institute for Energy Economics and Financial Analysis (IEEFA), a think tank that examines issues related to energy markets, trends, and policies, shows that wind has now overtaken coal as the top power generation source in the Southwest power market, which spans states from North Dakota to Oklahoma. Quite notably, gas falls behind both, according to the report.

The IEEFA analysis concludes that the introduction of so much low-cost renewable power into the market has caused a situation where “market revenues do not support going forward costs for coal revenues” which means that it costs more to produce power with coal than the market is willing to pay for that power. 

[Justin Mikulka]

More: Analysis: The Natural Gas Industry Is Trying To Deny How Affordable Renewable Energy Is

Posted in: IEEFA In the News

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