Gov. Brian Sandoval’s recent decision to veto an increase in the state’s renewable portfolio standard is not just a win for the state’s economy, but for the environment, too.
Renewable portfolio standards require utilities to buy a percentage of the electricity they provide from qualifying sources such as wind and solar. It’s a policy that sounds straightforward, but it has several unintended consequences that work against its environmental goals.
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Good politics and bad economics have been on display in British political conversations as the parties release their manifestos for the upcoming elections. Prime Minister Theresa May’s suggestion that energy prices be capped and migration controls strengthened was outstripped in economic foolishness only by Labour’s £48.6 billion tax increase and their proposal to nationalize the National Grid.
These proposals ignore economic realities and reflect a complete misunderstanding of how markets work – even markets for goods as vital as energy.
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