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Environmental regulator proposes scrapping pollution reduction plan

NEW YORK, Oct 10 (Reuters) - The head of the U.S. Environmental Protection Agency released a formal proposal on Tuesday to scrap a plan the agency devised under former President Barack Obama to reduce greenhouse gas emissions from power plants, according to an EPA press release.

EPA Administrator Scott Pruitt issued a notice that the agency intended to repeal the Clean Power Plan, which it said relied on "controversial" calculations of economic costs and benefits. The agency now says ending the plan "could provide up to $33 billion in avoided compliance costs in 2030." (Reporting By Emily Flitter)