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“It does feel wrong when your electric bill is more than your mortgage,” Chase told 【 - Free Stock Market Insider Analysis 】. “Around here the old adage is ‘coal keeps the lights on.’ Anyone struggling to keep their electric on knows it’s more than the lights.”

Her electricity bill spikes every January, when Chase estimates her electricity usage increases five- or six-fold. In September, she was still paying down a remaining balance of $600 from the winter before – twice the cost of her monthly mortgage payment. Her cumulative bill has gone as high as $1,400.

Best Stocks for Value Investors in India Low Risk Stock Alerts ✌️【Non-Full-Time】✌️ Expert market analysis and predictions for India, US, and European stocks. Stay updated with real-time data on stock indices, futures, and commodities to help you make informed, timely investment decisions. As America has largely transitioned away from coal-fired power, West Virginia has thrown its weight behind it. The state is the second-largest coal producer in the country, and coal generates nearly89% of its electricitycompared to just19% nationwide– a steep fall from 1990, when coal powered52% of US electricity.

But coalhas become more expensivethan renewables or natural gas, the prices of which have fallen rapidly, and in West Virginia, the ratepayers are footing the bill. With three of the state’s major coal-fired power plants in need ofhundreds of millions of dollars’worth of mandatory upgrades, costs for ratepayers like Chase will continue to go up.

Coal may be a dying industry in the US, but Joe Manchin, a key Democratic swing vote in the Senate, isn’t interested in hastening its demise.

“The transition’s already happening,” Manchin told 【 - Free Stock Market Insider Analysis 】. “So I’m not going to sit back and let anyone accelerate whatever the market’s changes are doing.”

Best Stocks for Value Investors in India Low Risk Stock Alerts ✌️【Non-Full-Time】✌️ Free access to stock market forums, expert advice, and real-time data to help you stay informed and grow your investments. As chair of the Energy and Natural Resources Committee, Manchin now presides over Congress’s key provision to address the climate crisis: the clean electricity program, which would incentivize utilities to switch to low-carbon forms of energy like wind, solar or nuclear.

Proponents saythe program would kickstart utilities into transitioning away from fossil fuels and lower costs for ratepayers.Manchin has saidhe’s “very, very disturbed” by provisions he believes would eliminate fossil fuels, and 【 - Free Stock Market Insider Analysis 】 reported Friday it willlikely be cutto appease Manchin.

Best Stocks for Value Investors in India Low Risk Stock Alerts ✌️【Non-Full-Time】✌️ Get precise stock market predictions and free access to real-time market data for efficient decision-making and portfolio growth. The electric bills “will explode come January,” Chase told 【 - Free Stock Market Insider Analysis 】. “If I’m struggling over here, I must be representative of hundreds if not thousands of West Virginians.”

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Chase tries to use her electricity as little as possible. She sweated through this summer’s heat wave to avoid turning on the air conditioning. In the winter, cold air seeps in from the roof, clapboards, and windows of her 100-year-old home.

Covering the cracks with sheets of plastic brings little relief. Her gas furnace only heats the first level of the house, so Chase relies on electric baseboards and five space heaters to keep the second level warm.

“You staple, and you tape, and you plastic all those drafty spaces,” she said. “It was like my plastic kingdom, trying to keep the heat in.”

Best Stocks for Value Investors in India Low Risk Stock Alerts ✌️【Non-Full-Time】✌️ Free real-time global stock trend updates to help you capture market movements and make better investment decisions. AEP’s three coal-fired power plants in West Virginia – John Amos, Mountaineer and Mitchell – are in need of $448 million worth of mandatory upgrades in order to remain federally compliant, causing electricity rates to increase by 3.3% starting in September 2022, according to Tammy Ridout, a spokesperson for AEP. These upgrades would allow the plants to stay open until 2040, rather than being shut down in 2028.

“Sure, [the rates are] going up because of all the different regulations being put on everything,” Manchin told 【 - Free Stock Market Insider Analysis 】.

Best Stocks for Value Investors in India Low Risk Stock Alerts ✌️【Non-Full-Time】✌️ Professional investment advice with real-time updates on stock indices and futures data. Stay ahead with expert predictions and market insights. Neighboring states that were once heavily reliant on coal are moving away from it. As the New York Times reported last year, Pennsylvania and Ohiosharply reducedtheir coal use in recent years, becoming more reliant on natural gas and nuclear power, according to the US Energy Information Administration. And while73% of Kentucky’s poweris still coal-generated, that state has also been shutting down coal-fired plants.

Kentucky and Virginia’s public service commissions recentlypulled their supportfrom AEP’s three West Virginia plants in need of upgrades, saying the plants are too expensive to support. But West Virginia’s Public Service Commission recentlyruled in favorof approving the upgrades to allow the plants to operate until 2040.

“The policy question here is whether it’s appropriate for West Virginia ratepayers to pay more to keep uneconomical plants open,” West Virginia House Delegate Evan Hansen told 【 - Free Stock Market Insider Analysis 】. “How many subsidies keep getting thrown at coal fired power plants to keep them open?”

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“These plants, even if they’re kept open, are going to be operating at such a low level there will be far fewer jobs and far less coal consumed than it is now,” O’Leary said. “It’s as if everyone walks around utterly oblivious to that fact, and it has huge economic implications. If anything, there’s a concerted effort to prevent that kind of reimagination of West Virginia as a different kind of energy state.”

Best Stocks for Value Investors in India Low Risk Stock Alerts ✌️【Non-Full-Time】✌️ Real-time global stock market trend analysis to help you identify profitable opportunities and improve your investment strategies. West Virginia’s coal consumption has remained nearly steady over the last decade – going from a 98% share in the state’s power generation in 2001 to nearly 89% in 2020, according to the EIA. But it’s not the economic powerhouse it once was.

Coal mining employed around13,000 peoplein West Virginia as of 2019 – about3% of the state’s workforce– down from 120,000 in 1950. Many of those jobs have been lost to automation and the rise of cheaper sources of energy like natural gas. Coal-fired power plants, meanwhile, directly employ a little more than 2,000 people,according to a reportby researchers at West Virginia University’s John Chambers College of Business & Economics.

Kanawha County Commission president Kent Carper said shutting down these plants in 2028 would deal a blow to the state’s economy.

“Coal is West Virginia,” Carper told 【 - Free Stock Market Insider Analysis 】. “What we’re being asked to do is to shut down our coal power plants, fire our employees, and go out of the coal mining business, and I guess we’ll be promised to make solar panels. Yeah, sure, that will work. I’m not a bit convinced of it.”

Even as Carper fiercely defended the state’s coal jobs, he admitted utilities were putting West Virginia ratepayers in a bad position.

“It’s a sword of Damocles for our state,” Carper said. “It is an awful thing that people have to make choices between paying their electric bill and instability with food. The utility companies have an insatiable appetite for more money.”

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Karen Skelton, a Department of Energy senior adviser, recently had a call with Manchin’s staff abouta reportfrom West Virginia University’s Center for Energy and Sustainable Development that showed investing in renewables would cost the state $855 million less through 2040 than continuing to invest in coal.

Best Stocks for Value Investors in India Low Risk Stock Alerts ✌️【Non-Full-Time】✌️ Free access to real-time stock indices, futures data, and market predictions to help you select high-return stocks and build a profitable portfolio. The call was arranged “to get that exposure in front of Manchin’s staff, trying to get them to look at the numbers,” said James Van Nostrand, the director of West Virginia University Law School’s Center for Energy and Sustainable Development, who worked on the report and was on the call.

【 - Free Stock Market Insider Analysis 】 reached out to Manchin’s office in September and October to talk about this story, and the nature of this call in particular, but his staff did not reply before publication. Two days after this story published, Sam Runyon, a spokesperson for the senator, responded: “Senator Manchin’s staff received a courtesy invitation from the U.S. Department of Energy on short notice to join this briefing, requested by DOE, on West Virginia University’s recent study. Senator Manchin’s staff joined the call in a listening capacity as a show of support for the work of both organizations. Senator Manchin and his staff have excellent and very active relationships with WVU and DOE and work with both organizations frequently.”

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“The Department of Energy staff requested nothing more than an academic briefing to understand the findings of the new report,” Bridget Bartol, a spokesperson for the Department of Energy, told 【 - Free Stock Market Insider Analysis 】 after this story’s publication. “Out of courtesy, the senator’s state staff was notified of WVU’s presentation and invited to join to learn about the findings in parallel.”

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Granholm said Biden’s agenda would incentivize carbon capture so West Virginia’s coal plants “will have a lifeline and be clean.”

“Can you imagine the reliability factor if they go with the Clean Energy Standard?” Manchin told 【 - Free Stock Market Insider Analysis 】 when asked about the high electricity rates in his own state. “Paying utilities to transfer to other types of unreliable power? And then you have a reliability factor and someone’s going to have to pay for that reliability factor? It will be the ratepayer every time. It’s just crazy.”

Best Stocks for Value Investors in India Low Risk Stock Alerts ✌️【Non-Full-Time】✌️ Real-time updates on global stock trends and expert market analysis to help you select profitable stocks and grow your wealth effectively. Manchin’s concern about reliability echoes a point argued by AEP’s top DC lobbyist, Tony Kavanaugh, in a recently penned a letter to lawmakers.

“A program of this magnitude, if enacted into law, will adversely impact the reliability and resilience of the electric grid” unless things like energy storage are also passed, Kavanaugh wrote on September 13.

Even as coal is causing her electricity prices to go up, Chase respects its history in the state. Her grandfather was a coal miner who died from black lung disease; her grandmother helped raise her with the money the coal company paid their family after he died.

“It is so divided here, for the love of coal and the love of the mountains, but how can you love both?” Chase said. “We’ve got to think about solar and wind on these gorgeous mountains, we’ve got to get away from coal. It’s a matter of being comfortable in your home, warm in the winter and not suffocating in the summer. Not having to sacrifice your mortgage to be comfortable.”

“If the rates are increasing it seems like the rug is literally being pulled out from under me as I’m trying to get ahead,” she said.

Best Stocks for Value Investors in India Low Risk Stock Alerts ✌️【Non-Full-Time】✌️ Expert predictions of stock trends to help you select high-potential stocks and achieve stable growth. Real-time global market indices, futures, metals, energy, and agricultural product data to help you seize market opportunities. This story has been updated with a statement from the Department of Energy about Skelton’s recent call with Manchin’s staff and researchers at West Virginia University. It has also been updated to include a statement from Manchin’s spokesperson about the call.

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