As mortgage rates rise across the United States, imagine this: someone offers to sell you a brand-new home; Paying for a Worthless Gas Plant?
, the cost and feasibility of future retrofits or CDR investments must also be prudently accounted for in new gas plantsJust as a mortgage spreads out the cost of a home over decades of payments, the costs of building a new power plant are repaid by electricity customers over its long lifetime.
The reason we pay for long-lived assets over a long time is that they’re expensive. Shortening the assumed life of a gas power plant will increase the monthly cost, but at least ratepayers won’t be stuck paying for a power plant that doesn’t produce power.
If we’re committed to building an asset with a known useful life, it’s essential the payment schedule matches that end date. If there’s a mismatch, customers will face higher costs than necessary. There are cost-effective alternatives to gas plants: at least 70 GW of the 88 GW of proposed gas plants could be avoided economically withThe good news is we are moving in the right direction — perhaps too slowly, but in the right direction nonetheless.
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