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Wednesday, Sep 18
Top Obama energy officials defend climate plans in rough House hearing
- EPA chief Gina McCarthy and Energy Secretary Ernest Moniz defended the Obama administration's climate change plans before a contentious House energy committee today, saying coal-fired power (KOL) will continue but economic growth and environmental protection go "hand in hand.”
- The first step is for the EPA to issue rules for new plants, which are set to be released this week; McCarthy told the panel the agency will issue the rules for existing plants by June 2014.
- Carbon capture and storage technology "is feasible and it is available today," McCarthy says, but critics say it is unproven, expensive and nonviable.
- The EPA reportedly will use Southern Co.'s (SO) $4.7B Kemper plant in rural Mississippi as an example that CCS technology is ready, but so far the project is most noteworthy for a $1B cost overrun, legal battles, a revolt by ratepayers and a credit downgrade for the local utility.
- ETFs: XLU, IDU, PUI, VPU, RYU, FXU, PSCU, UPW, SDP, UTLT.