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Supplemental materials for PESP’s March 25, 2025 testimony to the House Healthcare Committee at the Vermont State Legislature
The Private Equity Stakeholder Project (PESP) argues that private equity's business model in the US healthcare sector—characterized by high leverage, sale-leasebacks, and dividend recapitalizations—prioritizes short-term investor returns over patient care. The document details how these strategies lead to increased healthcare costs, reduced staffing, and hospital bankruptcies, citing case studies of Prospect Medical Holdings, Steward Health Care, and Apollo Global Management's Lifepoint and ScionHealth. PESP advocates for state-level policy solutions including robust merger reviews, financial transparency requirements, and bans on debt-funded dividends to protect healthcare infrastructure.
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Document type: Briefing
H.B. 1666 Testimony
The Private Equity Stakeholder Project (PESP) urges the Indiana State Senate to pass H.B. 1666, arguing that stronger oversight of private equity acquisitions in healthcare is necessary to protect patient safety and financial stability. PESP highlights systemic risks, including high bankruptcy rates among private equity-owned healthcare firms and specific failures in Indiana's intellectual and developmental disability (IDD) services sector. The testimony details quality-of-care deficiencies at Sevita and a fatal case of neglect at Help at Home, both of which are private equity-owned providers operating in Indiana.
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Document type: Statement
Climate Shift Index Alert
The document warns of a rare two-day 'Moderate Risk' of severe weather in the Midwest and Deep South on March 14-15, 2025, driven by temperatures 15-25°F above mid-March averages. It links this early-season warmth to human-caused climate change and notes a long-term increase in Convective Available Potential Energy (CAPE) and the frequency of extreme tornado outbreaks in the U.S.
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Document type: Briefing
A Decade of Growth for U.S. Solar and Wind
The U.S. generated a record 756,621 GWh of electricity from solar and wind in 2024, accounting for 17% of total generation. Solar is the fastest-growing source, increasing 7.8-fold over the last decade, while wind grew 2.4-fold. Combined solar and wind generation has surpassed coal, which dropped to 15% of the electricity mix in 2024.
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Document type: Fact sheet
For the first time, wind and solar produced more electricity than coal nationwide
In 2024, wind and solar produced 17% of US electricity, overtaking coal for the first time as coal fell to 15%. This transition is evident in 24 states, driven by market dynamics, cost-effectiveness, and policy mandates like the Climate and Equitable Jobs Act in Illinois.
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Document type: Report
FEDERAL CLEAN ENERGY TAX CREDITS MAKE ENERGY MORE AFFORDABLE – A META-ANALYSIS
The document argues that repealing federal technology-neutral electricity tax credits (§45Y and §48E) would significantly increase household energy bills across the United States. Drawing on analyses from multiple research groups, it estimates that national annual household energy bills would rise by $40–$60 in 2030, $56–$150 in 2035, and $140–$220 by 2040. The report highlights that these credits lower costs by reducing investment expenses for wind, solar, battery, nuclear, and geothermal projects, savings which utilities are regulated to pass on to consumers. Repeal would likely lead to substantial price hikes in specific states, with some households facing increases over $500 annually.
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Document type: Executive summary
During a Historic Hurricane Season, Microgrids Kept Communities Running
RMI outlines five key factors—facility suitability, electricity costs/net metering, energy efficiency, battery sizing, and available funding—to help US communities deploy solar-plus-battery microgrids that serve as resilience hubs during disasters.
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Document type: Guide
GRID RELIABILITY IN THE CLEAN ENERGY TRANSITION
The report examines the technical and institutional challenges of maintaining grid reliability in the United States as fossil fuel plants retire and demand grows from data centers and electrification. It argues that reliability does not require traditional baseload power but can be achieved through a combination of wind, solar, battery storage, and demand-side flexibility. The authors highlight that while 80-90% clean electricity is achievable with current technology, reaching 100% may require 'clean firm' resources like enhanced geothermal or advanced nuclear. Key recommendations include reforming interconnection queues, expanding interregional transmission, and implementing performance-based incentives for utilities to prioritize demand-side solutions.
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Document type: Report
Case Study: Lifepoint in North Carolina
The document argues that private equity ownership of hospitals, specifically Apollo Global Management's ownership of Lifepoint Health, prioritizes short-term profits over patient care. It highlights a decline in CMS star ratings and poor clinical outcomes across several Lifepoint hospitals in North Carolina, including high mortality rates for heart failure and pneumonia, and significant issues with catheter-associated urinary tract infections. The report also details Lifepoint's use of joint ventures with academic and nonprofit entities to expand its market reach.
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Document type: Fact sheet
Community Benefits Snapshot: SOO Green Transmission Line Community Engagement and Benefits
The SOO Green HVDC Link is a 350-mile, 2,100-MW underground transmission line connecting wind energy from MISO jurisdiction states to the PJM market. By co-locating the line within existing railroad rights of way and utilizing undergrounding, the project has significantly reduced community opposition and simplified siting. The developer has implemented a variety of benefits, including 'good neighbor payments' to adjacent landowners, municipal franchise agreements that fund local infrastructure like broadband expansion, and apprenticeship programs for underserved youth. While the project faces skepticism regarding the higher upfront costs of undergrounding compared to overhead lines, the developer argues that lifecycle costs are competitive, particularly when accounting for extreme weather resilience and reduced siting delays.
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Document type: Fact sheet
Wetlands in Peril
The Union of Concerned Scientists reports that industrial agriculture is the leading cause of wetland loss over the last 250 years, which increases flood risks and releases stored carbon. In the Upper Midwest, 30 million acres of wetlands provide approximately $23 billion in annual residential flood mitigation benefits, with long-term value estimated between $323 billion and $754 billion. The document urges the US government to use the upcoming farm bill to increase funding for USDA conservation programs, such as the Conservation Reserve Program and Wetland Reserve Easements, to protect these ecosystems.
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Document type: Executive summary
Wetlands in Peril
Industrial agriculture is a primary driver of wetland loss in the US Upper Midwest, where 30 million acres of wetlands provide critical flood mitigation and carbon sequestration. The report estimates that these wetlands provide nearly $23 billion in annual residential flood mitigation benefits, with long-term value between $323 billion and $754 billion. Recent legal shifts, specifically the 2023 Supreme Court ruling in Sackett v. EPA, have reduced federal protections under the Clean Water Act, leaving many wetlands vulnerable. The author argues that the next farm bill should expand the Conservation Reserve Program (CRP) cap, increase funding for the Conservation Stewardship Program (CSP) and Environmental Quality Incentives Program (EQIP), and link crop insurance to conservation practices to mitigate flood risk and support environmental justice for marginalized communities.
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Document type: Report
U.S. Temperature Attribution Overview: October 2024
In October 2024, 185 of 191 analyzed U.S. cities were warmer than normal, with the Southwest experiencing particularly high anomalies. The report highlights that 19 cities saw their hottest October on record and identifies specific states, including Texas, Arizona, and New Mexico, where climate change significantly increased the likelihood of extreme temperatures as measured by the Climate Shift Index.
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Document type: Report
Request for Input (RFI) on Fannie Mae and Freddie Mac (the “Enterprises”) Proposed 2025 -2027 Duty to Serve Plans (the “DTS Plans)
The Private Equity Stakeholder Project (PESP) argues that private equity firms are aggressively acquiring manufactured home parks in the U.S., utilizing a business model that increases rents and fees to maximize profits at the expense of vulnerable, low-income residents. PESP highlights that Fannie Mae and Freddie Mac have financed 49% of private equity-owned parks identified in their tracker, despite financing only 9% of all U.S. manufactured home parks. The document details numerous instances of poor living conditions, rent hikes, and predatory practices by firms such as Carlyle Group, Blackstone, and Havenpark. PESP supports the Enterprises' 2025-2027 Duty to Serve Plans, particularly objectives that promote resident-owned communities, tenant lease protections, and affordability restrictions.
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Document type: Statement
Monthly Attribution Overview - July 2024
The report finds that July 2024 temperatures were elevated in the eastern and western thirds of the United States, with the West Coast showing particularly high anomalies. Using the Climate Shift Index (CSI), the analysis identifies the Southwest as having the strongest climate signal, with cities averaging at least 14 days where temperatures were at least three times more likely due to climate change. Specific cities like Spokane, Washington, and Reno, Nevada, showed significant temperature anomalies and long-term warming trends since 1970.
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Document type: Report
The Climate Crisis Domino Effect
The report examines how the increasing frequency and severity of climate-driven disasters lead insurance companies to raise premiums or withdraw coverage, particularly in high-risk areas of the US. This process creates a 'domino effect' where the lack of affordable insurance makes homes unmortgageable, reduces property values, and increases homelessness. The authors highlight a cycle where insurers profit from these increases and reinvest in fossil fuels, further exacerbating the climate crisis. The document warns that widespread mortgage defaults and the devaluation of lender security could lead to a systemic financial crisis with global implications.
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Document type: Research paper
How the Midwest Alliance for Clean Hydrogen (MachH2) benefits Illinois, Indiana, Iowa, and Michigan
The Midwest Alliance for Clean Hydrogen (MachH2) is projected to create 13,600 direct jobs, including 12,100 in construction and 1,500 permanent positions, through eight major projects in Illinois, Indiana, Iowa, and Michigan.
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Document type: Fact sheet
CLEAN ENERGY ISN’T DRIVING POWER PRICE SPIKES
The report finds that U.S. residential electricity rates have generally kept pace with economy-wide inflation since 2010, and that states with high clean energy growth often see rates rise slower than inflation. Instead, the report identifies natural gas price volatility, wildfire mitigation and liability costs, aging coal plant investments, and rising transmission and distribution costs as the primary drivers of rate spikes. It further argues that the regulated utility business model incentivizes capital-heavy investments over more cost-effective operational solutions, which compounds these costs for consumers.
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Document type: Report
Climate Shift Index Alert
From June 18-20, 2024, a major to extreme heat event is forecast for the eastern half of the U.S., affecting over 25 million people. The event is characterized by record-level high temperatures in major cities and elevated nighttime temperatures. Climate Central's Climate Shift Index (CSI) indicates that human-caused climate change has made this heat at least four times more likely in several states, including West Virginia, Ohio, and Indiana.
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Document type: Fact sheet
Maximizing the Value of the Energy Infrastructure Reinvestment Program for Utility Customers
The document examines the Energy Infrastructure Reinvestment (EIR) Program, which provides up to $250 billion in low-interest loans to transition the US power sector to clean energy. It proposes a 'capital recycling' method where utilities use EIR loans to refinance 'low-quality' rate base components—such as the costs of retiring fossil plants—into 'high-quality' clean energy assets. Through case studies of Alliant Energy in Iowa and Ameren in Missouri, the report demonstrates that moderate EIR leverage combined with capital recycling can significantly reduce ratepayer costs (by 13% to 18% in the examples) while maintaining stable, lower-risk earnings for shareholders. The brief also compares EIR to securitization, noting EIR's lower transaction costs and interest rates, and outlines federal compliance requirements including NEPA, the Davis-Bacon Act, and the Cargo Preference Act.
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Document type: Briefing