Mark Reckless, MP for Rochester and Strood, will put forward the plans to remove the EPS, saying it “makes no sense” and would be “a tax on gas”.
Reckless added that the removal of the EPS would allow existing coal plant to continue generating and for new coal plant to be built.
“The price of coal is so low that it would drive down the cost of energy bills for consumers,” the MP added.
Reckless added that the carbon floor price would act push generators to move to low carbon sources and would impact on coal, and because of this, introducing the EPS would mean gas plant face a double financial hit.
The amendment is said to be backed by “several” MPs, including Tory MP and climate change sceptic, John Redwood.
However, the move has been met with horror by green lobbyists.
Greenpeace political director, Joss Garman, said: “Burning coal is the single biggest cause of climate change, and the most environmentally damaging process known to mankind.
“That’s why there’s a cross party consensus on the need to cut emissions from coal burning and why the introduction of the EPS was one of David Cameron’s most important environmental promises,” he added.
Garman said abandoning the EPS would “drag both our country’s power sector and the Conservative Party right back to the bad old days of dirty polluting power stations, and nasty, toxic policies.”