Report Warns Renewable Mandates Could Cost New England Ratepayers Hundreds of Billions

By Tim Dunn | Boston Herald

A new study has found that New England ratepayers would save an estimated $400-$700 billion by replacing planned offshore wind and solar projects in the region with natural gas and nuclear power.

The study, Alternatives to New England’s Energy Affordability Crisis, estimated the economic effects of meeting the region’s energy needs through 2050 with nuclear and natural gas plants, modeling the cost of energy portfolios in the six New England states to reflect the result of decarbonization plans in the Independent System Operator of New England (ISO-NE).

“New Englanders are being asked to bankroll an energy experiment that is dramatically more expensive and far less reliable than proven alternatives. This study puts hard numbers behind what families and businesses already feel every month. State-mandated wind and solar are driving up costs while increasing the risk of blackouts,” said Executive Director of the Fiscal Alliance Foundation Paul Craney. “Replacing these mandates with nuclear and natural gas would save hundreds of billions of dollars, strengthen grid reliability, and deliver real emissions reductions without sacrificing affordability or economic competitiveness.”

The analysis came to the striking conclusion that either just natural gas or nuclear power, or a combination of the two, would not only result in hundreds of billions of dollars of savings for ratepayers, but would also yield similar emissions reductions to renewable energy sources.

If New England met its energy needs through 2050 with just nuclear power, the study finds it would cost ratepayers $415.3 billion over that span and reduce annual greenhouse gas emissions by 92%.

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