Jerrold Oppenheim Jerrold Oppenheim DRAFT DRAFT New England Electricity Restructuring New England Electricity Restructuring Roundtable 110 Roundtable 110 Boston Boston April 3, 2009 April 3, 2009 Energy in New Energy in New England: the Promise England: the Promise of Stimulus Funds and of Stimulus Funds and the Reality of the Reality of Recession – a Low- Recession – a Low- Income Perspective Income Perspective
36
Embed
Jerrold Oppenheim DRAFT New England Electricity Restructuring Roundtable 110 Boston April 3, 2009
Pursuing Sustainable Energy in New England: the Promise of Stimulus Funds and the Reality of Recession – a Low-Income Perspective. Jerrold Oppenheim DRAFT New England Electricity Restructuring Roundtable 110 Boston April 3, 2009. “America sees 18% of Wealth Vanish”. - PowerPoint PPT Presentation
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Jerrold OppenheimJerrold OppenheimDRAFTDRAFT
New England Electricity Restructuring Roundtable New England Electricity Restructuring Roundtable 110110
BostonBostonApril 3, 2009April 3, 2009
Pursuing Sustainable Energy Pursuing Sustainable Energy in New England: the Promise in New England: the Promise
of Stimulus Funds and the of Stimulus Funds and the Reality of Recession – a Reality of Recession – a Low-Income PerspectiveLow-Income Perspective
““America sees 18% of America sees 18% of Wealth Vanish”Wealth Vanish”
Jerrold Oppenheim 2www.DemocracyAndRegulation.co
m
Only top 20% had significant Only top 20% had significant income increasesincome increases
Jerrold Oppenheim 3www.DemocracyAndRegulation.co
m
New EnglandNew England
Jerrold Oppenheimwww.DemocracyAndRegulation.co
m 4
CBPP
Unemployment 8.1%Unemployment 8.1%>10% in CA, MI, >10% in CA, MI, NV, NC, NV, NC,
Other Headline Impacts of Other Headline Impacts of The Great RecessionThe Great Recession
Millionaire Population FallsMillionaire Population FallsThe numbers are in: Millionaires The numbers are in: Millionaires are getting clobbered by the are getting clobbered by the financial crisis. … the latest survey financial crisis. … the latest survey from Spectrem Group showed that from Spectrem Group showed that the number of U.S. millionaires fell the number of U.S. millionaires fell 27% last year. 27% last year. wsj.com/marketbeat March 14, 2009wsj.com/marketbeat March 14, 2009
Citigroup Climbs to $1.78 / Bank's Citigroup Climbs to $1.78 / Bank's Stock Solidly Over $1 Apiece After Stock Solidly Over $1 Apiece After Nearly Closing Under It Recently Nearly Closing Under It Recently wsj.com/Large Stock Focus March 14, 2009wsj.com/Large Stock Focus March 14, 2009
Jerrold Oppenheim 9www.DemocracyAndRegulation.co
m
RATE INCREASESRATE INCREASES
T&DT&D GenerationGeneration Natural Gas commodityNatural Gas commodity FinancingFinancing Carbon managementCarbon management
Jerrold Oppenheimwww.DemocracyAndRegulation.co
m 10
Transmission and Distribution Transmission and Distribution
Source: Transforming America’s Power Industry: The Investment Challenge, The Brattle Group, November
2008
Investment Including Smart Grid (2010-2030)
$113.4
$184.4
0
200
400
600
Transmission Distribution
Billi
ons
of D
olla
rs (
Nom
inal
)
? 230 kV < 230 kV
$297.8
$581.5
EEI
Value of reliabilityValue of reliabilityEstimated Cost-per-Outage-per-Customer Estimated Cost-per-Outage-per-Customer
$2.99 $2.99 $1,067 $1,067 $4,227$4,2271 Costs shown in U.S. 2002 CPI-weighted dollars1 Costs shown in U.S. 2002 CPI-weighted dollars
Source: Kristina Hamachi LaCommare and Joseph H. Eto ,Understanding the Cost of Power Source: Kristina Hamachi LaCommare and Joseph H. Eto ,Understanding the Cost of Power Interruptions to U.S.Interruptions to U.S.
Range of Potential Impacts Range of Potential Impacts From Climate Legislation (EEI)From Climate Legislation (EEI)
Cost per household $446 - $2927 in 2020 / yearCost per household $446 - $2927 in 2020 / year
Electricity prices 21% - 35% in 2020Electricity prices 21% - 35% in 2020
Natural gas prices 20% - 39% in 2020Natural gas prices 20% - 39% in 2020
GDP 0.7% - 1.74% (~ $336B out of $~19.2T GDP)GDP 0.7% - 1.74% (~ $336B out of $~19.2T GDP)
Employment 1.1 - 2.78 million in 2020Employment 1.1 - 2.78 million in 2020
Coal consumption 42% - 66% in 2020Coal consumption 42% - 66% in 2020
Permit prices ($ / ton COPermit prices ($ / ton CO22 equivalent) $18 - $48 / ton in 2020 equivalent) $18 - $48 / ton in 2020
Total US GHG emission (mmtCOTotal US GHG emission (mmtCO22-equivalent) 4887 – 6654 in 2030 (“Business -equivalent) 4887 – 6654 in 2030 (“Business As Usual” 9672 in 2030)As Usual” 9672 in 2030)
StimulusStimulus Energy efficiency / RenewablesEnergy efficiency / Renewables
Energy Efficiency and Renewable Energy Programs - $16.8 Energy Efficiency and Renewable Energy Programs - $16.8 BillionBillion
Renewable energy project / transmission loan guarantees - $6 Renewable energy project / transmission loan guarantees - $6 BillionBillion
Federal building efficiency - $4.5 BillionFederal building efficiency - $4.5 Billion Weatherization - $5 BillionWeatherization - $5 Billion State block grants for energy projects - $6.3 Billion State block grants for energy projects - $6.3 Billion
TransmissionTransmission Federal loans for transmission (WAPA and BPA) - $6.5 BillionFederal loans for transmission (WAPA and BPA) - $6.5 Billion Electric transmission loan guarantees - $2 BillionElectric transmission loan guarantees - $2 Billion
Theo MacGregor & Jerrold Oppenheim DemocracyAndRegulation.com 36
About theAbout the SpeakerSpeakerJerrold Oppenheim is an independent consultant and
attorney who has advised and represented low-income and other utility consumer advocates, government agencies, labor, and utilities across the country for more than 35 years. A graduate of Harvard College and Boston College Law School, he led utility litigation and argued precedent-setting cases for four Attorneys General in New York State and Massachusetts; for Legal Services in Boston, Chicago and New York City; and for the National Consumer Law Center. He is a member of the Center for Public Utilities Advisory Council, New Mexico State University, and has spoken and published on four continents, including Democracy And Regulation with Theo MacGregor and Greg Palast, published by Pluto Press (London) and winner of the ACLU Upton Sinclair Award.