The recent Supreme Court ruling in the U.S. remanding the air toxic rules due to lack of cost consideration is a wakeup call. The message is that the whole system is flawed. It discourages rather than encourages R&D. Invariably the cost estimates prior to regulation turn out to be wrong. So regulations are rarely cost-effective. EPA recognized that setting arbitrary limits is not cost-effective and so created a “Cap and Trade” system. The trade aspect of this policy was sound, but the cap aspect merely duplicated the problems with conventional regulations where there is no incentive to do better than is required. All that is needed is to move from “Cap and Trade” to “Create and Trade.” Those power plants ranking in the lower 50 percent would pay fees to be divided among those in the top 50 percent. The payments and receipts would be based on ranking. These payments provide great incentive for the industry to “create” cost-effective solutions… Click Here For Complete News Release Text
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