Obama And His Regulatory Policies Just Killed A Power Plant And Thousands Of Jobs In North Dakota

This power plant would have provided thousands of jobs, both directly and indirectly. Not to mention the cheapest form of electricity available for about a million or so citizens in the upper midwest. Now it has been nixed because those investing in it were too afraid of what the government might do to their investment.
From a press release sent out via email by North Dakota Public Service Commissioner Brian Kalk:

Brian Kalk, North Dakota Public Service Commissioner, said that he was very disappointed that Otter Tail Power would withdraw as a partner in the proposed Big Stone II coal fired power plant to be located near Milbank, South Dakota. The key benefit of Big Stone II would be to produce and deliver electricity to customers in North Dakota, Minnesota, South Dakota, Montana, and Iowa, in the face of increasing demand. The project is slated to provide power to over a million customers and is a 1.6 billion dollar investment towards energy independence for our country.
“The Big Stone II plant is critical to our state and region. It promises a reliable and consistent addition to our electric power sources.. The economic growth of North Dakota depends on reliable and always available electric power. A coal fired plant, meeting all environmental requirements, means another potential market for our huge coal reserves, increased transmission lines, and jobs for our state.” …
“Congress and the Administration have failed to do their job. Investors are not willing to invest when anti-growth and anti-energy development legislation is looming. Otter Tail’s participation in Big Stone II is a casualty of this uncertainty and North Dakota customers and businesses are the ultimate losers. North Dakota and our country need a responsible and reality based National Energy Policy. The so-called Cap and Trade bill passed by the House is not energy policy. It is tax legislation that will cripple our state’s energy sector. It will do nothing to improve the environment, but it will bring economic growth in North Dakota and our nation to a standstill. It is critical that the United States Senate reject this anti-growth legislation and pass meaningful energy policy.”

Kalk makes a fantastic point when he talks about this plan being killed by political uncertainty. Right now we have a President in power who, along with most of his party, would love to regulate the fossil fuel industry into the ground. The only thing standing in their way is economic reality. Fossil fuels are the cheapest forms of energy available. Regulating fossil fuels into the ground would not only cost us hundreds of thousands of jobs (millions?) but would also significantly drive up the cost of everything in the market.
Coal alone accounts for 51% of our national power grid. If we put coal out of business (and remember that’s what Obama said cap-and-trade would do) it would be disastrous for our economy.
While it may seem as though the Democrats have cap-and-trade shelved for now, the mere possibility for that regulation (and others) has investors in power plants like this one running scared. And who can blame them? Who wants to dump tens of millions worth of capital into a new power plant with the possibility looming that your investment could be destroyed by some marauding politician.
In an economic environment where Obama is desperate for any good news concerning jobs or economic growth this news of the mere potential for his regulatory agenda to become law killing off jobs has certainly got to be unwelcome.