Thus, some companies benefit if the cost of electricity goes up. If global warming legislation passes, we will know that those companies had the better lobbyists.
Businesses supporting Lieberman-Warner stand to profit from clean-energy or energy-efficiency iniatitives. GE, for instance, sells wind turbines, compact fluorescent lightbulbs, and energy-efficient locomotives and aircraft engines. Just this week, GE and the oil-field services firm Schlumberger announced plans to work together on clean-coal technology.
Utility companies Exelon, FPL Group, NRG Energy and PG&E Corp., which signed a letter supporting the bill, are developing nuclear energy, wind or solar power, or so-called clean-coal plants. They would gain as the costs of burning coal in conventional plans goes up. About 50% of electricity in the United States comes from burning coal.
Sunday, June 01, 2008
Environmentalists and corporate welfare
The Lieberman-Warner bill sets caps on emission of some greenhouse gases and creates a complex government bureaucracy to allocate permits and such. Why do some corporations support the bill? They stand to profit, as CNN explains: