In announcing his intention to allow SEA 340 to become law without his signature, Governor Pence issued the following statement:
"Low-cost energy is an essential element of Indiana's economic development and prosperity. The simple fact is that higher energy costs will cost Indiana jobs. By reducing our need for electricity, we reduce our need to build expensive power plants at a cost to Hoosier ratepayers. For this reason, I believe that energy efficiency is an important part of our "all of the above' energy strategy.
"As such, I was disappointed that the General Assembly chose to eliminate the energy efficiency program established by the previous administration without offering a viable alternative. For that reason, I have declined to sign this bill and acknowledge that this bill will become law without my signature.
"I could not sign this bill because it does away with a worthwhile energy efficiency program. I could not veto this bill because doing so would increase the cost of utilities for Hoosier ratepayers and make Indiana less competitive by denying relief to large electricity consumers, including our state's manufacturing base.
"To ensure that Indiana's energy policy continues to include sound efficiency programs that lower electricity usage and support economic growth, I am calling on the Indiana Utility Regulatory Commission to immediately begin to develop recommendations for a new energy efficiency program that would include an opt-out for large electricity consumers.
"In addition, I have informed leaders of the General Assembly of my actions and my intention to bring energy efficiency legislation during the 2015 legislative session. I look forward to working with legislators to develop a new energy efficiency program for our state that will encourage conservation and promote a strong Indiana economy."