Front Porch Blog

New York Subpoenas 5 Energy Companies

New York State Attorney General Andrew Cuomo is using the same powers his predecessor Eliot Spitzer used to investigate corruption on Wall Street. But instead of financial markets, Cuomo has his eyes set on five power companies: AES Corporation, Dominion, Dynegy, Peabody Energy and Xcel Energy. New York will investigate whether these companies are failing to disclose hidden costs for new coal-fired power plants to their investors.

In letters accompanying the subpoenas, the attorney general’s office asked whether investors received adequate information about the potential financial liabilities of carbon dioxide emissions that exacerbate climate change.

“Any one of the several new or likely regulatory initiatives for CO2 emissions from power plants — including state carbon controls, E.P.A.’s regulations under the Clean Air Act, or the enactment of federal global warming legislation — would add a significant cost to carbon-intensive coal generation,” the letters said.

Its refreshing to see these creative strategies used in a system that is stacked completely in favor of large coal-companies (on both the extraction-side and the emissions-side of using coal.)

The coal-companies are pathetically funny in their attempts to play victim while destroying Appalachia and emitting lethal levels of carbon:

[A Peadbody spokesman] called the New York action “outrageous,” adding, “The legal system was designed to protect — not harass — those such as Peabody who are providing clean energy solutions for America.”

…Peabody, by the way, is the worlds largest coal company and is already doing business in Beijing, where people outnumber environmental regulations 1 billion-to-one. Not to mention that they are behind new power plants in Illinois, Kentucky, and New Mexico.

I could cry, but since they are getting their butts dragged in front of an unsympathetic court (for once), I think I’ll just laugh…maybe throw in a Snoopy dance.





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