Utilities back new group urging Congress to pass climate, energy bills

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Related Companies Calpine Corp. (CPN) FPL Group Inc. (FPL) National Grid plc National Grid USA PNM Resources Inc. (PNM) Public Svc Enterprise Group (PEG)

More than a dozen U.S. businesses, including Calpine Corp., FPL Group Inc., National Grid USA, PNM Resources Inc. and Public Service Enterprise Group Inc., launched a new organization Nov. 4 to support swift congressional action on clean energy and climate change legislation.

"There are a growing number of business leaders clamoring for comprehensive climate legislation," PSEG Chairman, President and CEO Ralph Izzo said in a news release from the American Businesses for Clean Energy. "We're unified by the need for a price on carbon and policies that clearly support renewable energy. With the right public policies in place we'll have the certainty we need to make investments that will power the new green economy." Izzo said the U.S. is falling behind other nations in the supply chain providing major components for nuclear plants and other forms of low-carbon energy.

The goal of the new group is to offer a platform for U.S. companies to voice support for meaningful and effective legislation designed to drive clean technology innovation, create jobs and address the threat of global climate change.

"Many within the business community are urging Congress to adopt meaningful energy and climate legislation, so we can move forward with investments in technologies and infrastructure that will be needed to meet future energy demand, grow our economy, and protect our environment," said National Grid USA President Tom King. "ABCE provides a public forum for companies to register their support for this critical objective."

National Grid is a subsidiary of National Grid plc.

Other members of the group include clothing manufacturer Gap Inc. and Aspen Skiing Co., which operates ski resorts in Colorado.

Noting that it is not unusual in the power business to make investments running in the hundreds of millions of dollars, Izzo said the electric utility sector is in a "paralysis now" that is untenable.

King noted that the electric utility industry continues to stand together in supporting climate change legislation. While disagreeing on particular details of the Kerry-Boxer cap-and-trade bill now being considered in the Senate, he emphasized that the industry is united in believing that climate change legislation is needed.