TXU Buyout to limit new Coal Plants built
Though I’d love to believe the Wall Street types have finally grown a conscience, the simple fact of the matter is that the changing regulatory climate in DC has forced Wall Streeters to Think Green, since not doing so will most likely affect the bottom line. In the proposed buyout of TXU, the energy corporation that was slated to build 11 new coal burning power plants over the next few years, “will abandon plans to build 8 of 11 coal plants and commit to a broad menu of environmental measures, according to people involved in the negotiations.” according to the NY Times yesterday.
Environmental groups, who have strongly and vocally opposed the building of the 11 coal plants, were consulted in buyout negotiations, and a “what will it take to get this done” attitude prevailed in writing up environmental requirements. According to the Times article, “By bringing the environmental groups into the process, the buyers may have helped avert years of costly litigation over emissions from their plants . . . the company is said to be examining ways to expand in cleaner forms of energy. None of the parties interviewed was able to provide details.”
Overall, I’d say this is a step in the right direction, though it would be more acceptable to hear those details on cleaner forms of energy.
Technorati Tags: Clean Energy, TXU, Coal Power Plants
