In Texas, Good Guys Ride To The Rescue With a "Fist Full Of Dollars"
Our graphic is a snapshot of TXU Corporation's stock over the last three months. Of course, no one can prove that TXU's recent black-hatted climate cowboy antics — this is the utility that famously proposed eleven (11) huge new coal-fired electrical plants for Texas, using Iron Age technology — were the primary factors behind the stock's recent, gradual downturn (exponential moving average is the blue line). But it seems likely that the "hocky stick" upswing over the last few days has something to do with a bunch of white hats that rode into town with a greener vision of the future. New York Times has an excellent overview of goings on here . The Times certainly deserves kudos for nationalizing what had been mostly a Texas story. Now that the good guys are in town, there is hope for the citizens of other states as literally hundreds of new coal-fired plants are being shoehorned in before carbon caps become a reality. If the green deal goes down — it's not a sure thing yet — plans are for the new TXU owners to drop eight (8) of the proposed coal plants and spend some of the saved money on running better grid connections to West-Texas wind farm country; plus there's a commitment to "return the carbon-dioxide emissions by TXU to 1990 levels by 2020 and support a $400 million energy efficiency program". Yeee Haaaa! For background see our previous posts here, and also here.
Just who are the good guys? In no particular order:
William K. Reilly, the former administrator for the Environmental Protection Agency under President George H. W. Bush,
Fred Krupp of Environmental Defense
Kohlberg Kravis Roberts & Company and Texas Pacific Group, two large private equity firms.
Goldman Sachs "a longtime proponent of reducing carbon emissions. Its former chief executive, Henry M. Paulson, now the secretary of the treasury, was also the chairman of the Nature Conservancy, an environmental activist group".
Texas Pacific's co-founder, David Bonderman, "member of the board of the World Wildlife Fund."
Roger Ballentine of Green Strategies
Stuart E. Eizenstat, the former chief domestic policy adviser for President Jimmy Carter.
Natural Resource Defense Council
NYT adds "TXU is in the midst of an experiment to run broadband Internet over its power lines as part of a venture with Current Communications".
Footnote: TreeHugger hopes the good guys have enough personal energy and carbon offsetting credits at hand to saddle up for a ride to the next town that needs their help. The climate bad guys have had "free reign" for a long time.