Dave Roberts reports:

Documents released early this week finally start to offer a glimpse into EPA thinking. Long story short: Climate hawks shouldn't expect much from these upcoming regulations. They won't be a substitute for the climate bill. Not even close.

Here's the basic problem the EPA faces: The best way to reduce greenhouse gas emissions from stationary sources -- primarily power plants -- is to approach the situation holistically: shut down a bunch of dirty power plants, build a bunch of clean power plants, and push hard on efficiency to cover the cost differential and protect ratepayers. Legislation could have done that. EPA can't. EPA can't make anybody build anything.

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