Marika
2024-07-16 02:15:26 UTC
Biden's Climate Policies Likely To Supercharge Already Soaring Electric Bills,
Banking Giant Says
President Joe Biden's policies are driving up electricity costs and are poised
to continue to do so, according to one of the biggest banks in the U.S.
[emphasis, links added]
The Bank of America Institute issued a July 2 note titled "Powering the
Revolution," in which analysts stated that year-over-year energy price
inflation reached 5.9% in May compared to 3.8% in January.
The note's authors wrote that trends driven by signature Biden administration
policies like electric vehicle (EV) demand, increased heat pump adoption, new
data centers to enable artificial intelligence (AI) development, and
manufacturing capacity expansion are likely to cumulatively drive prices
higher in the long-term.
"Consumers have had some respite from rising utility bills recently, with the
year-over-year median utility payment per customer declining 1.4% in the three
months to May, according to Bank of America internal data," the note states.
"However, they are still paying a lot more than in 2019, and the price of some
utilities, including electricity, has been rising, suggesting that any relief
could be short-lived."
"At the same time, electricity demand is increasing, pressuring supply, and it
may continue to do so for a long time as industrial on-shoring and the AI
revolution are both turbo-charging the need for generating capacity," the note
continues. "This demand for significant investment in generation and related
distribution infrastructure could be a headwind to consumers' utility bills
for the foreseeable future."
The note specifically mentions increased EV and heat pump adoption as possible
factors driving demand higher, as well as increased industrial activity
attributable in part to subsidies unleashed by two of Biden's signature bills,
the Inflation Reduction Act (IRA) and the CHIPS Act.
The AI boom alone could require between 18 and 28 gigawatts (GW) of
electricity by 2026, according to the bank, and the gradual return of
manufacturing capacity to the U.S. also figures to increase demand.
"While the gyrations of global commodity prices, especially for fossil fuels,
will likely continue to impact the price consumers pay for energy, the need
for extra capacity in the electricity generation system may well act as a
headwind to any prolonged drop in their utility bills," the note states.
"Given the larger relative share of income that utility bills account for
amongst those with lower incomes, as well as older generations, the overall
impact on consumers will need careful monitoring."
The report also charts the burden of utility payments by consumers' age
cohorts, finding that elevated bills hit young consumers and older buyers
especially hard.
https://climatechangedispatch.com/biden-does-finalized-regs-on-a-must-have-
appliance-will-jack-up-prices-rates/
https://climatechangedispatch.com/bidens-attack-on-electricity-will-ruin-
americas-power-grid-hike-prices/
https://climatechangedispatch.com/climate-policies-are-hurting-the-poor-not-a-
mildly-warming-planet/
https://climatechangedispatch.com/despite-bleak-grid-assessments-epa-plans-to-
shutter-more-power-plants/
https://climatechangedispatch.com/electricity-bills-soared-30-since-biden-
took-office-more-pain-is-coming/
https://climatechangedispatch.com/ev-and-ai-power-demands-will-only-fuel-more-
electric-rate-shocks/
https://climatechangedispatch.com/how-to-fix-americas-electricity-emergency/
https://dailycaller.com/2023/08/11/joe-biden-inflation-reduction-act/
https://dailycaller.com/2023/11/17/biden-wartime-emergency-powers-heat-pumps/
https://dailycaller.com/2024/03/20/biden-epa-tailpipe-standards-electric-
vehicles/
https://dailycaller.com/2024/07/03/tech-nuclear-power-artificial-intelligence-
data-centers-grid-reliability-affordability/
https://institute.bankofamerica.com/content/dam/bank-of-america-
institute/economic-insights/powering-the-revolution.pdf
=====
Scottish Ski Centers Report Rare July Snowfall
Brewing SSW Event In The Southern Hemisphere?
101 Scientists: Claims Of Man-Made Global Warming Are Exaggerated
Brits Asking "Where Is Summer?"
Europe's Lowest Burn Acreage On Record
Tasmania's Second-Coldest Temperature Ever
America's "Historic June Heatwave" Was a Lie
Unprecedented Snowfalls in Argentina Threaten 1 Million Livestock
Aussie Cold
Record Stratospheric Water Vapor
Global Temperatures Took Another Step Down In June
Greenland Gaining Gigatons Of Mass In Summer
Global CO2 Emissions Tracking Well Below 'Scary' Climate Scenarios
Avalanche At Kedarnath Temple
Australia's Bitter Cold And Low Wind Leads To Power Concerns
Greenland's Record Summer Gains
=====
Aussies Brace For Icy Weekend
South America's Snowiest Start To A Season In 30-Years
Record Cold Freezes The Sea In Tierra del Fuego
US Heatwave Failed To Deliver
Percentage of U.S. To Reach 90F by June 23 Among Lowest On Record
Avalanches Strand Dozens In Chile
Utah's Snowiest Two-Year Period On Record
Canada Hit With Extremes
Swiss Glacier Recovery
Ski Season Delays In S. America After Record Snow
Coldest Start To Winter In Decades For Parts Of Australia
Polar Blast Hits Australian Alps
Montana's Record Lows and Snows
Fresh Snowfall Hits Northwestern Peaks
Cold Records Fall In Montana And Alberta
Frosts Hit The Aussie Tropics
Queensland Freeze Breaks 32-Year Record
Record Cold British Columbia
New Study Identifies Antarctica's Record Winter Cold
Now that we know Trump will win, it is nice to know he does notBanking Giant Says
President Joe Biden's policies are driving up electricity costs and are poised
to continue to do so, according to one of the biggest banks in the U.S.
[emphasis, links added]
The Bank of America Institute issued a July 2 note titled "Powering the
Revolution," in which analysts stated that year-over-year energy price
inflation reached 5.9% in May compared to 3.8% in January.
The note's authors wrote that trends driven by signature Biden administration
policies like electric vehicle (EV) demand, increased heat pump adoption, new
data centers to enable artificial intelligence (AI) development, and
manufacturing capacity expansion are likely to cumulatively drive prices
higher in the long-term.
"Consumers have had some respite from rising utility bills recently, with the
year-over-year median utility payment per customer declining 1.4% in the three
months to May, according to Bank of America internal data," the note states.
"However, they are still paying a lot more than in 2019, and the price of some
utilities, including electricity, has been rising, suggesting that any relief
could be short-lived."
"At the same time, electricity demand is increasing, pressuring supply, and it
may continue to do so for a long time as industrial on-shoring and the AI
revolution are both turbo-charging the need for generating capacity," the note
continues. "This demand for significant investment in generation and related
distribution infrastructure could be a headwind to consumers' utility bills
for the foreseeable future."
The note specifically mentions increased EV and heat pump adoption as possible
factors driving demand higher, as well as increased industrial activity
attributable in part to subsidies unleashed by two of Biden's signature bills,
the Inflation Reduction Act (IRA) and the CHIPS Act.
The AI boom alone could require between 18 and 28 gigawatts (GW) of
electricity by 2026, according to the bank, and the gradual return of
manufacturing capacity to the U.S. also figures to increase demand.
"While the gyrations of global commodity prices, especially for fossil fuels,
will likely continue to impact the price consumers pay for energy, the need
for extra capacity in the electricity generation system may well act as a
headwind to any prolonged drop in their utility bills," the note states.
"Given the larger relative share of income that utility bills account for
amongst those with lower incomes, as well as older generations, the overall
impact on consumers will need careful monitoring."
The report also charts the burden of utility payments by consumers' age
cohorts, finding that elevated bills hit young consumers and older buyers
especially hard.
https://climatechangedispatch.com/biden-does-finalized-regs-on-a-must-have-
appliance-will-jack-up-prices-rates/
https://climatechangedispatch.com/bidens-attack-on-electricity-will-ruin-
americas-power-grid-hike-prices/
https://climatechangedispatch.com/climate-policies-are-hurting-the-poor-not-a-
mildly-warming-planet/
https://climatechangedispatch.com/despite-bleak-grid-assessments-epa-plans-to-
shutter-more-power-plants/
https://climatechangedispatch.com/electricity-bills-soared-30-since-biden-
took-office-more-pain-is-coming/
https://climatechangedispatch.com/ev-and-ai-power-demands-will-only-fuel-more-
electric-rate-shocks/
https://climatechangedispatch.com/how-to-fix-americas-electricity-emergency/
https://dailycaller.com/2023/08/11/joe-biden-inflation-reduction-act/
https://dailycaller.com/2023/11/17/biden-wartime-emergency-powers-heat-pumps/
https://dailycaller.com/2024/03/20/biden-epa-tailpipe-standards-electric-
vehicles/
https://dailycaller.com/2024/07/03/tech-nuclear-power-artificial-intelligence-
data-centers-grid-reliability-affordability/
https://institute.bankofamerica.com/content/dam/bank-of-america-
institute/economic-insights/powering-the-revolution.pdf
=====
Scottish Ski Centers Report Rare July Snowfall
Brewing SSW Event In The Southern Hemisphere?
101 Scientists: Claims Of Man-Made Global Warming Are Exaggerated
Brits Asking "Where Is Summer?"
Europe's Lowest Burn Acreage On Record
Tasmania's Second-Coldest Temperature Ever
America's "Historic June Heatwave" Was a Lie
Unprecedented Snowfalls in Argentina Threaten 1 Million Livestock
Aussie Cold
Record Stratospheric Water Vapor
Global Temperatures Took Another Step Down In June
Greenland Gaining Gigatons Of Mass In Summer
Global CO2 Emissions Tracking Well Below 'Scary' Climate Scenarios
Avalanche At Kedarnath Temple
Australia's Bitter Cold And Low Wind Leads To Power Concerns
Greenland's Record Summer Gains
=====
Aussies Brace For Icy Weekend
South America's Snowiest Start To A Season In 30-Years
Record Cold Freezes The Sea In Tierra del Fuego
US Heatwave Failed To Deliver
Percentage of U.S. To Reach 90F by June 23 Among Lowest On Record
Avalanches Strand Dozens In Chile
Utah's Snowiest Two-Year Period On Record
Canada Hit With Extremes
Swiss Glacier Recovery
Ski Season Delays In S. America After Record Snow
Coldest Start To Winter In Decades For Parts Of Australia
Polar Blast Hits Australian Alps
Montana's Record Lows and Snows
Fresh Snowfall Hits Northwestern Peaks
Cold Records Fall In Montana And Alberta
Frosts Hit The Aussie Tropics
Queensland Freeze Breaks 32-Year Record
Record Cold British Columbia
New Study Identifies Antarctica's Record Winter Cold
discriminate against the trans community
LOL this “fan art” that Caitlin Jenner posted of herself with trump (for
his birthday).
She appears to have 6 fingers on her left hand.
He has 4 on his left, along with some kind of serious tendon malformation
going on there, and is cloven-hoofed on his right.
Is there a digits-deformity requirement in MAGA or something, of which I am
not aware? Because I’ve yet to see any “art” of theirs where the digits
are, you know, normal and human-like.