Government efficiency bill will bring jobs and clean energy to Missouri
With just days to go, the Missouri General Assembly has a chance to improve government efficiency by addressing the regulatory lag of rate case cycles at the Public Service Commission. SB791, in line for floor debate, could open the door to new investment in Missouri’s energy sector which means new jobs and much needed economic development.
Currently, rate cases take upwards of a year for review, which stymies economic growth in Missouri, slowing opportunities to build and upgrade our grid, costing valuable, high-paying jobs with good benefits. More efficient rate cycles mean our utilities improve their borrowing power allowing them to invest more in infrastructure, new technologies, renewable energy sources, and job development for Missouri, while keeping rates affordable and well below the national average. These efforts will generate new tax revenue and rebuild Missouri’s economy.
Streamlining the rate case process is an important step toward a balanced energy portfolio, reducing our dependence on imported energy sources. The PSC’s current rate case cycle is one of the longest in the country – putting Missouri at a distinct disadvantage when it comes to developing “home-generated” energy, attracting new businesses to the region that are looking for like-minded public and private partners.
A similar lag is exemplified in the Proposition C rulemaking. In 2008 voters passed Prop C to bring renewable energy to Missouri, and now almost two years later the PSC still has not finalized rules on the subject, leaving new business and investors waiting or moving on to other states. A faster rate case cycle will generate real change and progress that is in the best interest of Missouri.
Below are a some crucial points regarding SB791:
- A more efficient rate cycle allows utility companies to borrow at a lower interest rate, which will ultimately lead to lower utility rates for consumers.
- The legislation will encourage new investment, which means infrastructure improvements, new technology and new jobs.
- The legislation preserves the PSC’s full regulating authority.
If you want stable energy rates, new jobs and clean Missouri-generated energy, then please contact House Floor Leader Steve Tilley and tell him to move SB791 for debate! (573) 751-1488 or steven.tilley@house.mo.gov
