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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:
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.

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