Great progress has been made. Under the Clean Air Act electric companies have reduced sulfur dioxide emissions by over 40 percent and nitrogen oxides emissions by nearly 40 percent. The air we breathe today is much cleaner than just a few years ago.

While we have made much progress, the costly and confusing regulations of the Clean Air Action have imposed great costs on consumers, businesses and the electric utility industry, including:

• Higher electricity prices — the high cost of implementing a long list of inflexible and often contradictory rules for the different pollutants hurts all consumers.
• An overreliance on natural gas for generating electricity — current regulations encourage electric companies to move away from coal-based generation toward natural gas. While electric companies support the development of natural gas supplies, they also believe a diverse range of fuels is needed for power generation. A fuel mix that includes coal, gas, renewable resources, and others will protect consumers from the price fluctuations that can result from the sudden unavailability of one fuel.
• Threats to reliability — uncertain and confusing regulations lead to uncertainty in electric markets. Electric companies need certainty in regulations to be able to develop long-term plans for the installation of pollution control equipment; plans that will give companies time to put alternative sources of power in place to ensure reliable supplies for consumers.

Electricity is closely tied to the economy and affordable electricity fuels economic growth and jobs. When the cost of producing electricity spikes, the cost to produce other goods and services rises also, affecting the entire economy and all Americans, especially low and fixed-income households.

A multi-emissions approach to achieving cleaner air can reduce electric power industry emissions of sulfur dioxide, nitrogen oxides, and mercury without dramatically impacting electricity costs and reliability.

Emission caps can be established for each pollutant of the nation's power plants. Power plant owners could either use technologies to reduce emissions to the pre-established levels or they can purchase "allowances" from other companies who have more than achieved their reduction goals. The flexibility of allowing companies to meet or exceed their targets, or allowing them to purchase pollution "allowances" in the marketplace, will enable the electric industry to implement a program that benefits consumers, businesses and the nation.

The benefits of a multi-emissions approach are clear:

• Affordable electricity: A multi-emissions approach can reduce costs by eliminating multiple regulations that are often costly and confusing for companies to implement. Less expensive, flexible approaches to meeting specific emissions requirements can result in lower prices for electricity. Lower prices benefit consumers and businesses making us more competitive in national and international markets and stimulating economic development and job growth.
  
• Cleaner power generation: A multi-emissions approach can deliver additional dramatic reductions of power plant emissions greater than those achieved under the Clean Air Act's future regulations.
  
• Cleaner air sooner: A multi-emissions approach can achieve emissions reductions faster than under existing Clean Air Act programs.
  
• Regulatory certainty: A multi-emissions approach can produce measurable benefits and certainty for the environment by placing low caps on sulfur dioxide, nitrogen oxides, and mercury emissions. The certainty of continuous emissions monitoring and the public reporting of results, together with large and enforceable penalties, will ensure requirements are met.

A multi-emissions approach will be a giant step forward in our nation's environmental progress. It's now time to take that next step.