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Bloomberg News
Dynegy Says Power Buyers, Not Builders, Dictate Coal (Update1)
By Edward Klump
April 2 (Bloomberg) -- Dynegy Inc., branded the ``king'' of coal-fired power plants by the National Environmental Trust, said electricity buyers, not producers, are dictating the fuel types of new generators.
Environmental groups oppose Dynegy's coal-fueled plants under development in Texas, Arkansas and Georgia as out of step with efforts to cut emissions of so-called greenhouse gases linked to global warming. The Sierra Club organized a protest in February outside Dynegy's headquarters in Houston.
``They want to focus on the coal,'' Dynegy Chief Executive Officer Bruce Williamson said yesterday in an interview in Houston. ``They should focus a little bit on the fact that the toughest thing with a gas development or any renewable development is finding customers that want that development.''
Less polluting generation, such as turbines that run on natural gas or wind, are more expensive than coal. Dynegy, which also has wind and solar power projects, can only build plants that will yield a return on investment, Williamson and Chief Financial Officer Holli Nichols said in the interview.
``We won't build something unless there's customers that want to buy the output, and it's not going to be anything that moves forward unless regulators and communities have their say and it gets the approvals,'' Williamson said.
Williamson was nominated for an award called Fossil Fool of the Year, given by groups including the Energy Action Coalition, Co-op America and Rainforest Action Network to recognize the biggest contributor to fossil-fuel-related pollution. He finished fifth in the voting.
Photo Ops
Williamson said some environmental opponents are more interested in photo opportunities than in constructive dialogue.
The goal of the campaign against Dynegy is to demonstrate opposition to the company's coal-fueled developments, said Emily Stone, a Houston field organizer with the Sierra Club. She said costs for cleaner power sources will drop if investment is made to expand their use.
``But what it really takes to make that a reality is big companies like Dynegy putting their money where it matters and making the right decisions with their investments,'' Stone said.
Dynegy's coal-fired projects currently under construction include a 665-megawatt development in Arkansas known as Plum Point and a 900-megawatt plant in Texas called Sandy Creek. The company, which has power stations in 12 U.S. states, also wants to build a 1,200-megawatt plant in Georgia.
Slow Process
Environmental opposition is making it more time-consuming to build coal-fueled plants, Williamson said. He said that's making it tougher to align the elements of a project that have to come together at the same time: prices, financing, approvals and construction costs, which are escalating.
``I wouldn't be at all surprised to see a lull in new plant development,'' Williamson said.
With the U.S. already headed toward a shortage of generation capacity, that will mean higher power prices and an increase in the value of existing plants, Williamson said.
Just as many of the municipalities and other customers that buy power from Dynegy don't want to take on the cost of the cleanest generation sources, Williamson said, consumers may not be able to pay for limits on U.S. carbon-dioxide emissions. Imposing a fee of $30 or $40 a ton on carbon emissions would result in sticker shock for utility customers, he said.
Carbon Cost
``I don't think the American consumer can take a 30 or 40 percent increase in their power bill,'' Williamson said.
U.S. political leaders must provide direction to balance the country's needs to have affordable energy, protect the environment and reduce reliance on energy imports, Williamson said. ``We need politicians who are going to be leaders in Washington,'' he said.
Williamson joined Dynegy in 2002 and averted bankruptcy by selling assets and unwinding a failed energy-trading business. After posting losses in four of the previous five years, Dynegy netted $264 million in 2007.
The acquisition last year of plants from LS Power Group reduced Dynegy's reliance on coal-fueled power plants in the U.S. Midwest for profit. About 22 percent of the company's generation capacity is fueled by coal. Most of the rest is gas.
Dynegy has said it may use excess cash for new plants, acquisitions, share buybacks or the resumption of dividends. The company gave itself liquidity and flexibility with its financial turnaround, Williamson said, and decisions on use of extra cash will likely be put off until at least late this year.
Debt Maturities
Refinancing was done in 2007 -- before this year's decline in credit availability -- leaving the company with no major debt maturities before 2011, Williamson said.
Power plants have sold recently for more than 100 percent of replacement cost, Williamson said. Dynegy's stock price values its plants at only 55 to 60 percent of the cost of replacing them, he said. The company won't make acquisitions at a higher price relative to replacement cost than its own assets are trading, he said.
Dynegy, which is developing new plants through a joint venture with LS, has the capacity to produce almost 19,000 megawatts, enough power for more than 15 million average U.S. homes, based on an Energy Department estimate.
http://www.canada.com/edmontonjournal/news/story.html?id=840b1dbc-051e-435e-a41b-9e2d80dd89da&k=28724
The Canadian Press
The Canadian Press
Stelmach voted second-biggest 'Fossil Fool'
edmontonjournal.com
Published: 9:49 am
EDMONTON - Premier Ed Stelmach was the runner-up in the annual Fossil Fool election, an online contest organized by a clean-energy group called the Energy Action Coalition.
Stelmach was among five people nominated for making the most significant contribution over the past year to the development and dissemination of fossil fuel-related pollution.
The voting always wraps up in time for April Fool's Day.
Stelmach was on the list "for promoting oil extraction from Canada's infamous Alberta tar sands," the coalition's website says. He was also targeted because his government recently released a plan to address climate change that will actually see greenhouse-gas emissions continue to increase.
The first place Fossil Fool was Ken Lewis, CEO of the Bank of America, "for the global financial institution's massive support for dirty coal."
Also in the running were: Rick Wagoner, CEO of General Motors; Rex Tillerson, CEO of ExxonMobil; and Bruce Williamson, CEO of Dynegy Corporation.
http://www.charlotte.com/breaking_news/story/561821.html
The Charlotte Observer
BofA's Lewis wins dubious award
CHRISTINA REXRODE
crexrode@charlotteobserver.com
Ken Lewis
Bank of America Corp.'s chief executive took the top prize today in an undesirable contest -- the "Fossil Fool Awards."
The awards are sponsored by an alliance of environmental groups, who criticize Bank of America CEO Ken Lewis because the bank is a top funder of coal-fired power plants and certain types of coal mining.
Those environmental groups, said bank spokeswoman Nicole Nastacie, are "unfortunately ignoring the important economic realities, including that as a country more than 50 percent of our electricity comes from coal."
The winners were decided in an online contest, which drew 6,000 voters, according to representatives of the Rainforest Action Network, the Energy Action Coalition and Co-op America.
But another environmental group, the Natural Resources Defense Council, plans to honor Lewis tonight in New York City, where he is scheduled to announce a new bank initiative called The Carbon Principles, which will help employees evaluate the carbon impact of the projects they choose to fund. Bank of America has also touted its other green initiatives, including the environmentally friendly office tower its plans to open in New York next year, and a company program that reimburses employees $3,000 for buying a hybrid vehicle.
Rebecca Tarbotton, a director at the Rainforest Action Network, dismissed the bank's environmental claims. "We'll see if he's as willing to accept responsibility for his company's role in the climate crisis as he is to accept praise for its minimal environmental efforts," she said, referring to Lewis.
Duke Energy's CEO, Jim Rogers, was also a target of the Fossil Fools groups, which criticize Duke's "clean coal" power plants as "corporate greenwashing." This morning, eight protestors were arrested at Duke's Cliffside plant after some chained themselves to construction equipment.
http://www.charlotte.com/breaking_news/story/561821.html
http://www.canada.com/calgaryherald/news/story.html?id=3155985c-f727-417a-8363-c04008cd4d85&k=23711
Calgary Herald
Environmental groups name Ed Stelmach 'Fossil Fool' of the year
Jason Fekete
Calgary Herald
Tuesday, April 01, 2008
CALGARY - Premier Ed Stelmach has been voted Canada's Fossil Fool of the year by a coalition of environmental groups.
Stelmach earned the dubious distinction for his promotion of the northern Alberta oilsands, refusal to touch the brake on development in the region and releasing a greenhouse gas plan that implements only intensity-based targets.
The award was decided by an online contest that attracted 6,000 participants and was sponsored by several green groups - including Rainforest Action Network, Energy Action Coalition and the Canadian Youth Climate Coalition.
"Voters deemed Ed Stelmach worthy because he continues to bury his head in the tar sands, ignoring an growing list of environmental, social and health concerns," said Mike Hudema, a member of the Canadian Youth Climate Coalition and a Greenpeace activist who's protested at several Stelmach events around Alberta.
"Hopefully this award will be another wake up call that a growing majority want to see real and significant action on combating climate change."
The Fossil Fool awards - also dubbed "Foolies" - are part of a larger international effort to promote clean, energy-efficient solutions.
A lifetime achievement award was given to George Bush and Dick Cheney "for their persistent efforts to deny the reality and impacts of global climate change, promote carbon-intensive energy solutions, and block progress toward curbing climate change."
http://www.canada.com/calgaryherald/news/story.html?id=3155985c-f727-417a-8363-c04008cd4d85&k=23711
http://www.reuters.com/article/domesticNews/idUSN0119732520080401
Reuters
Eight protesters arrested at coal plant
By Timothy Gardner
NEW YORK (Reuters) - Eight protesters who locked themselves to bulldozers at a Duke Energy Corp coal-fired power plant in North Carolina as part of a day of international actions on climate change were arrested on Tuesday, police said.
Rutherford County Sheriff Jack Conner said the protesters were arrested for trespassing. Four were still being held pending the posting of small bonds.
The group was protesting the construction of a new coal unit, which would emit the greenhouse gas carbon dioxide.
"The world needs to cut greenhouse emissions 90 percent to avoid dangerous climate change, which means we can't build any more fossil-fuel generation," said Liz Veazey, an alternative energy advocate at the Southeast Climate Convergence who was one of about 12 other Duke protesters who were not arrested.
An umbrella group called Rising Tide and several other green groups organized protests that took place on Tuesday in the United States, Canada, Australia and the United Kingdom. They labeled the actions Fossil Fools Day, a play on April Fools.
Many climate experts like NASA's James Hansen have said that levels of heat-trapping gases in the atmosphere are already dangerous and that higher temperatures could lead to deadly storms, droughts and floods. Building new power generation using coal, the dirtiest fossil fuel, should be banned, according to Hansen.
In one of the event's other actions, protesters were arrested at the Bank of America's office in Boston. They were protesting the bank's financial support for coal plants and mountain top coal mining, a method used in Appalachia in which companies blast off the tops of mountains to reach coal.
A BoA spokesman said that in addition to recently pledging $20 billion in investments in clean renewable energy over the next decade, the bank has worked with coal companies to increase their investments in clean energy.
The North Carolina protesters entered company property but did not stop construction of the 800-megawatt Unit 6 at the Cliffside coal plant, said spokesman Rick Rhodes.
He said that as part of the agreement to build the unit, Duke would retire 800 MW of its less efficient coal-fired generation, some of which was built in the 1940s. "Unit 6 will be carbon-neutral by 2018," he said.
Veazey said the agreement could not be considered a direct offset. She said the new unit would emit more carbon dioxide than the old ones because it would run steadily while the old ones were often only used when power demand was peaking.
Rhodes said none of Duke's coal-fired units could be considered peak generation because it takes a while to fire up coal boilers, but said that some of the units scheduled to be retired do not run all day.
(Reporting by Timothy Gardner, editing by Matthew Lewis)
http://www.reuters.com/article/domesticNews/idUSN0119732520080401
http://www.environmentalleader.com/2008/03/31/activists-mobilize-for-fossil-fools-day/
Environmental Leader
March 31, 2008
Activists Mobilize For ‘Fossil Fools Day’
Activists are planning over 100 actions around the world tomorrow against what they call “dirty energy industries.”
The actions are being planned by the international Rising Tide network, Energy Action Coalition youth and students, the Canadian Youth Climate Coalition and Rainforest Action Network.
Actions being planned for “Fossil Fools Day” include Critical Mass bike rides, green job rallies, protests and civil disobedience at power plants, energy companies, urban sprawl developers, Bank of America mass account closures, and car dealer “adoptions.”
You can see if your company’s on the target list here.
http://www.environmentalleader.com/2008/03/31/activists-mobilize-for-fossil-fools-day/
http://www.thebostonchannel.com/news/15761552/detail.html
The Boston Channel
Activists Upset About Climate Change
POSTED: 10:59 am EDT April 1,
2008
UPDATED: 2:26 pm EDT April 1,
2008
BOSTON -- Environmental
activists concerned about global warming chained themselves to the
front entrance of the Bank of Boston building on Boylston Street in
Boston early Tuesday.
They said they were protesting the bank's funding of coal and energy companies which they said are among the worst contributors to climate change.
The April Fool's prank was part of the Fossil Fools Day of Action, which took place in coordination with 100 other rallies, protests and other acts of civil disobedience around the country, the group said.They said the protests are designed to "challenge and disrupt the fossil fuels industry," which some scientists say is primarily responsible for global warming.
The protesters claim Bank of America has loaned more than $144 billion to companies such as Massey Energy, Arch Coal and Peabody Energy, which engage in strip mining and mountaintop removal coal mining.
"Without the financial support of large banks like Bank of America, the fossil fuels industry could not continue destroying the earth and our communities," protester Elise Ansel said.
The activists said coal-burning power plants are responsible for 40 percent of U.S. greenhouse gases that cause global warming.
"It’s not just an environmental issue. The people who are most affected by the coal industry are already disadvantaged by this economic system," said Laila Murad of Brighton. "Coal plants are often built in low-income neighborhoods and communities of color, and the coal is most often mined in poor areas and on indigenous land. Coal mining is just another chapter in a long and bloody story of colonialism and injustice."
The Fossil Fools Day of Action was called for by Rising Tide North America, Rainforest Action Network, and the Energy Action Coalition.
http://www.thebostonchannel.com/news/15761552/detail.html
http://us.oneworld.net/article/view/159294/1/3319
OneWorld
'Fossil Fools' Protests Target Oil Industry
NEW YORK, Mar 31 (OneWorld) - Green groups are planning to celebrate April Fools Day Tuesday with a variety of actions designed to embarrass oil industry bosses gathering in Washington.
|
| Global Carbon Emissions from Fossil Fuel Burning, 1751-2003. © Earth Policy Institute |
Tuesday's protests will take place as chief executive officers (CEOs) of five major oil companies testify before a committee of the U.S. Congress that has called a hearing on energy issues and the threats caused by global warming.
The oil companies' representatives have been subpoenaed by Representative Edward Markey (D-MA) who chairs the House Select Committee on Energy Independence and Global Warming. Markey is excepted to raise questions about record increases in oil companies' profits and the soaring prices at gas pumps.
"We will send a powerful message to these oil executives and the Select Committee that demands reinvestment of oil subsidies to fuel America's clean energy future," said Cayo-Cotter in explaining the Coalition's protest plans, which include a major rally in Washington.
|
"We demand an immediate transition away from fossil fuels and towards a just, clean energy revolution."
- Brianna Cayo-Cotter, Energy Action Coalition |
"Fossil Fools Day" is also being observed by environmental groups in Australia, Britain, Canada, and New Zealand. In the United States, actions include green job rallies, block parties, and demonstrations at state capitols, car dealerships, and proposed coal plant sites.
The groups involved in organizing efforts for Tuesday's protests include Americans for Informed Democracy, the Chesapeake Climate Action Network, the Environmental Justice and Climate Change Initiative, and the Sierra Student Coalition.
"Our future is at stake and we demand an immediate transition away from fossil fuels and towards a just, clean energy revolution," said Cayo-Cotter, adding that the Coalition and other groups have planned more than 100 actions across the nation.
Activists said they want dramatic reductions in greenhouse gas emissions to avoid catastrophic climatic changes. They say that is not possible without a rapid transition away from fossil fuels.
Of the 10 largest corporations in the world, five are oil companies. Industry watchers say the economic dominance of the oil companies translates into unprecedented political power, which they regularly use to block environmental legislation that would increase their costs.
|
| Greenpeace says ExxonMobil unduly influences U.S. energy policy. © Greenpeace International |
Critics say that ExxonMobil, currently the world's
second largest corporation, has not only caused environmental
destruction across the globe but is also sponsoring junk science groups
that deny the existence and causes of climate changes.
The company continues to dismiss calls to invest its record profits in renewable fuel sources.
"Though it is the most profitable corporation in the United
States, ExxonMobil's endless thirst for more oil, power, and profits
has led it to aggressively join its peers in lobbying for more than $6
billion in oil industry subsidies," according to Kelle Louaillier,
executive director of Corporate Accountability International, a
nonprofit watchdog group that keeps track of corporate wrongdoings
towards the environment and labor.
In 2006, ExxonMobil spent $14.5 million in lobbying expenses,
twice as much as it spent a year earlier. However, it has failed to
relinquish its image as one of the worst abusers of the environment.
In Louaillier's view, the company's name "will forever be
associated with the worst environmental spill in U.S. history," the
1989 Exxon Valdez disaster, which despoiled large parts of Alaska's
Prince William Sound and killed more than a quarter of a million
seabirds and thousands of seals, otters, and orcas.
On Tuesday, along with the other oil companies' CEOs, ExxonMobil's
representative is expected to take heat from both the elected officials
inside the Capitol building and the activists outside.
http://us.oneworld.net/article/view/159294/1/3319