On July 30, the Republican minority of the U.S. Senate Committee on Environment and Public Works, headed by Sen. David Vitter, released a report titled “The Chain of Environmental Command: How a Club of Billionaires and Their Foundations Control the Environmental Movement and Obama’s EPA.”
Critics of the report say it is propaganda designed to skewer the Obama EPA and environmental philanthropists for “conspiring to help the environment.”
Vitter's chief source of campaign cash is the oil and gas industry and he recently called the billionaire Koch Brothers “two of the most patriotic Americans in the history of the Earth.”
What the 92-page report leaves out is that Vitter — an esteemed member of the Senate “Millionaires Club” — owns tens of thousands of dollars in stocks of the electric utility Wisconsin Energy Corporation (We Energies), which owns major coal-fired power plants in both Oak Creek, Wisc. and Pleasant Prairie, Wisc.
We Energies says it stands to lose economically if the proposed Obama EPA carbon rules are implemented, citing the potential risks related to legislation and regulation in its most recent U.S. Securities and Exchange Commission (SEC) Form 10-Q.
“Any legislation or regulation that may ultimately be adopted, either at the federal or state level, designed to reduce GHG emissions could have a material adverse impact on our electric generation and natural gas distribution operations,” We Energies stated on the form.
“Such regulation could make some of our electric generating units uneconomic to maintain or operate, and could adversely affect our future results of operations.”
We Energies CEO Gale Klappa also voiced dissatisfaction with the proposed rule during his company's most recent earnings call, saying the company will submit comment to the EPA as part of the public comment period.