A coalition of 11 industry groups is pushing back on Energy Secretary Rick Perry's efforts to quickly implement a major change to the way electric power is priced in the United States.
The Energy Department on Friday proposed a rule that stands to bolster coal and nuclear power plants by forcing the regional markets that set electricity prices to compensate them for the reliability they provide. Perry asked the Federal Energy Regulatory Commission to consider and finalize the rule within 60 days, including a 45-day period during which stakeholders can issue comments.
On Monday, groups representing petroleum, natural gas, electric power and renewable energy interests urged FERC to reject the expedited process, as well as the Department of Energy's request that the regulatory commission consider putting in place an interim rule.
They say the time frame is "aggressive" and the department didn't provide adequate justification for fast-tracking a process that could have huge impacts on wholesale electricity markets.
"This is one of the most significant proposed rules in decades related to the energy industry and, if finalized, would unquestionably have significant ramifications for wholesale markets under the Commission's jurisdiction," the groups said in the motion filed with FERC.