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Cheap Renewables Could Make 90% of Proposed Gas Power Plants — and Many Pipelines — Obsolete by 2035Posted on News by · September 16, 2019 9:50 AM
Check out DesmogBlog's coverage of the Applied Economic Clinic's report, sponsored by Mothers Out Front. The truth is we don't need the methane gas supplies that the utilities are claiming we do.
Take, for example, the Atlantic Coast pipeline, a project that would cross West Virginia, Virginia, and North Carolina, and was originally projected to cost roughly $4.5 billion (a price tag which has spiraled up to roughly $7.5 billion as the project has run aground in court challenges, with Moody’s Investor Services downgrading the project to “credit negative” in February).
A report in January by the Institute for Energy Economics and Financial Analysis questioned the need for the entire project, predicting that demand for natural gas would be eroded by cheap renewables and observing that most of the companies planning to ship gas on the pipeline were actually affiliates of the pipeline’s own sponsors.
In July, 18 Virginia lawmakers wrote to FERC, urging the commission to suspend federal authorization for the pipeline, arguing that developers had failed to show the pipeline was neeeded.
That argument was potentially bolstered this week by the publication of a report focused on a proposed extension of the Atlantic Coast pipeline to Hampton Roads, Virginia. The report was sponsored by Mothers Out Front, an organization focused on fighting climate change.
Dr. Elizabeth A. Stanton, director of the Applied Economics Clinic and author of the report, concluded that the local utility, Virginia Natural Gas, had overestimated demand for natural gas in the region. She noted that the utility’s estimates were five times higher than projections by energy consulting firm Wood MacKenzie.
Read the full story here: