A global power company that inherited some of Enron’s coal-fired power plants in Africa has also followed the late energy giant in the effort to profit from climate change legislation.Virginia-based AES Corp. has partnered with General Electric Co. in peddling greenhouse gas offsets while lobbying for policies to make those offsets valuable — the same buy-low, lobby-hard, sell-high strategy tried by Enron. AES simultaneous expansion of coal-fired power in Asia, South America and Africa, however, highlights how environmental regulations can yield profit without necessarily yielding environmental gains.Read the whole thing here.
Wednesday, May 27, 2009
AES and GE imitate Enron on coal and climate
Continuing on my theme of cap-and-trade as corporate welfare, my Examiner column this week looks at the new Enrons: