We Energies

Fri, 2014-08-08 05:00Steve Horn
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Green Billionaires Club? David Vitter Owns Stock in Coal Utilities Fighting EPA Carbon Rules

On July 30, the Republican minority of the U.S. Senate Committee on Environment and Public Works, headed by Sen. David Vitter, released a report titled “The Chain of Environmental Command: How a Club of Billionaires and Their Foundations Control the Environmental Movement and Obama’s EPA.”

Critics of the report say it is propaganda designed to skewer the Obama EPA and environmental philanthropists for “conspiring to help the environment.”

Vitter's chief source of campaign cash is the oil and gas industry and he recently called the billionaire Koch Brothers “two of the most patriotic Americans in the history of the Earth.” 

What the 92-page report leaves out is that Vitter — an esteemed member of the Senate “Millionaires Club” — owns tens of thousands of dollars in stocks of the electric utility Wisconsin Energy Corporation (We Energies), which owns major coal-fired power plants in both Oak Creek, Wisc. and Pleasant Prairie, Wisc.

We Energies says it stands to lose economically if the proposed Obama EPA carbon rules are implemented, citing the potential risks related to legislation and regulation in its most recent U.S. Securities and Exchange Commission (SEC) Form 10-Q.

“Any legislation or regulation that may ultimately be adopted, either at the federal or state level, designed to reduce GHG emissions could have a material adverse impact on our electric generation and natural gas distribution operations,” We Energies stated on the form.

“Such regulation could make some of our electric generating units uneconomic to maintain or operate, and could adversely affect our future results of operations.”

We Energies CEO Gale Klappa also voiced dissatisfaction with the proposed rule during his company's most recent earnings call, saying the company will submit comment to the EPA as part of the public comment period.

Tue, 2011-11-01 14:21Farron Cousins
Farron Cousins's picture

New Lake Michigan Coal Ash Spill Raises Old Concerns

On Monday, a bluff surrounding a Milwaukee, Wisconsin-based power plant collapsed, sending a cascade of debris and coal ash waste from the power plant into Lake Michigan. No injuries were reported by We Energies, the company who owns the power plant, but the environmental assessment will likely be less optimistic. We Energies, a subsidiary of Wisconsin Energy Corporation (NYSE: WEC), has confirmed that the debris that made it into the river likely contained coal ash.

As of Monday afternoon, a “fuel sheen” appeared on the surface of Lake Michigan as a result of the bluff collapse. Cleanup crews from Clean Harbor were contracted by We Energies to help contain the spread of the sheen, and will be deploying about 1,500 feet of boom to help contain the waste on the surface. Shortly after the accident, residents living up to a mile away from the site along the lake were already reporting debris washing onshore.

As we have reported extensively in the past, coal ash contains countless toxic substances, including mercury, hexavalent chromium, arsenic, and cadmium. It has also been reported to be more radioactive as nuclear waste. In spite of these findings, the EPA has yet to issue any firm stance on whether or not coal ash will be regulated as a “toxic waste,” partly due to the fact that the coal industry has unleashed a cadre of lobbyists to Washington to fight to protect their coal ash interests.

The EPA’s delay in issuing a ruling on coal ash has allowed the Republican-controlled Congress to gain the upper hand on the issue. In early fall 2011, the U.S. House of Representatives passed legislation that would prohibit the EPA from regulating coal ash, and preventing them from classifying the substance as “hazardous.” Instead of EPA regulations, the bill would allow states to issue their own standards on coal ash and prevent any federal standards.

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