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A recent report has shaken things up in Michigan, where many groups are now discussing how energy deregulation laws could impact the state's electric industry and even affect the overall economy, Michigan Live reports.
According to the media outlet, supporters of the state's current laws say the 10 percent cap on the amount of electricity that comes from retail energy providers is helping to stabilize electricity bills. However, Energy Choice Now, one group urging the state to raise the cap, says doing so would help the economy by lowering business electricity rates.
Since 2008, utilities have increased commercial and industrial electricity rates by an average of 26 percent, as wholesale generation costs have fallen as much as 45 percent.
"This is killing jobs in Michigan, not only in the manufacturing sector but also in the retail sector, so it’s time for us to make a change," said Wayne Kuipers, executive director of Energy Choice Now and former state legislator. "It’s time for us as a state to fully embrace the competitive markets."
If the group gets the change it hopes for, Michigan will join several states that are already benefiting from a competitive energy market, including Texas, Pennsylvania and Illinois.