President Obama’s vow to make energy prices skyrocket will soon come true for ratepayers in the Southeast.
In testimony before the House Energy and Commerce subcommittee hearing concerning the EPA’s new emissions rules for power plants, industrial boilers and cement kilns, Southern Company CEO Thomas Fanning said that his company would need to spend up to $4.1 billion over the next three years to comply with new EPA rules — costs that would translate into a 25 percent rise in electricity prices for its customers in the Southeast, according to Environment and Energy News.