In Illinois, the biggest outlier is a coal-fired plant in southern Illinois owned by five Chicago suburbs and dozens of other municipalities in Midwest and Mid-Atlantic states.
. The proposed regulations are part of a sweeping package of rules and incentives Biden is pushing to speed up the ongoing transition to cleaner forms of energy and transportation — changes that promise new jobs while reducing lung-damaging pollution and potentially blunting the impacts of a changing climate.
Between 2012 and last year, carbon dioxide emissions from Illinois power plants declined by 41%, compared with a decrease of 24% nationwide, EPA records show. Instead, private investors financing the projects are betting gas prices will remain low enough for them to profit as dirtier, less-efficient coal and gas plants are retired. Another way the companies can make money is through annual capacity auctions held by the regional grid operator to guarantee enough electricity is available during hot days when demand is highest.
Tax credits in the Inflation Reduction Act approved last year by Congress include up to $85 for every ton of carbon dioxide captured and injected deep underground. As a result, government officials estimate technology to keep heat-trapping pollution out of the atmosphere would cost roughly the same amount as it did for utilities to install other equipment to reduce emissions of smog- and soot-forming sulfur dioxide and nitrogen dioxide.
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