JEFFERSON CITY — State Sen. Ed Emery, R-Lamar, sponsors Senate Bill 564 because of his belief its passage would jumpstart economic growth in our state and provide Missourians with smarter, more secure and more stable energy. The proposal received bipartisan approval from the Missouri Senate’s Commerce, Consumer Protection, Energy and the Environment Committee and lawmakers now begin the process of discussing and debating it on the floor of the Missouri Senate. If approved by the Missouri Senate, the bill would cap the rate of energy costs, which is a win-win for customers and energy companies.
“Missouri energy policy has been left behind by scientific and technological advances,” Sen. Emery said. “Electricity rates have risen faster in Missouri than in all but three states over the past decade. Meanwhile, century-old regulations prevent the timely modernization of our grid in the same safe, secure and stable ways used by other states. The longer we allow the status quo to prevail, the further we fall behind and do a disservice to Missouri families and businesses. But it can be changed.”
The proposed rate cap would be at 3 percent annually, which is about half the average yearly increase customers have incurred over the last decade. The cap would provide certainty for customers and would allow the state’s utility companies to build a smarter and more modern energy grid. Missouri’s Public Service Commission would also continue strict oversight and accountability of utility providers to ensure consumer protections.
“The legislation pending in the Missouri Senate will restore what has traditionally been an economic strength of Missouri — low-energy costs without taking authority away from the Public Service Commission. They will still determine if utility projects are prudent and in the public’s best interest,” Sen. Emery said.
Forty-six other states have already modernized their regulations and generated strong economic investments as a result of those policy changes.
“I look forward to working with my colleagues to ensure this bill will benefit all Missourians,” Sen. Emery said.