AUSTIN – Bill Peacock, vice president of research and director of the Center for Economic Freedom at the Texas Public Policy Foundation, will testify before the House State Affairs Committee in support of House Bill 2026 on Wednesday, March 27, at the Texas State Capitol. HB 2026 will eliminate the state’s renewable energy credits trading program which provides subsidies for the generation of electricity from renewable energy sources.
"In 2013, the renewable energy credits trading program will cost about $71 million," said Peacock. "The ten year total cost of the program through 2015 is estimated to be $567 million. Generating electricity from renewable resources is very expensive and is likely to stay that way – subsidies won't change this. In addition to the costs they add to consumers' electric bills, subsidies for renewable energy cause a significant portion of the problem with resource adequacy in the Texas market. Eliminating the renewable energy credits trading program will save consumers money and help stabilize the market – perhaps avoiding even more subsidies for generation from traditional sources."