October 2, 2008

Statement of Edison Electric Institute President Tom Kuhn on Senate Passage of Economic Stabilization and Energy/Extenders Tax Legislation


Contact: Jim Owen, +1-202-256-8447, for The Edison Electric Institute

WASHINGTON, Oct. 1 /PRNewswire-USNewswire/ -- "We're extremely encouraged by the Senate's vote, and it's absolutely critical that the House quickly follows suit. We know this is an exceptionally difficult vote, and we appreciate the Senate's leadership.

"This bipartisan legislation is essential to easing the credit crunch that is hurting consumers and businesses alike. Electric utilities rely upon access to liquid capital markets to sustain day- to-day business operations. If the financial crisis isn't resolved quickly, financial pressures on utilities will intensify, resulting in higher costs to consumers and possibly jeopardizing electric reliability.

"We're also pleased that the Senate approved renewable energy and energy efficiency tax credits that are important to electric companies and consumers. Some tax credits already have expired, and the rest will expire at the end of this year. These tax extenders are particularly important as electric utilities look for ways to reduce greenhouse gas emissions and help customers manage their electricity bills.

"The Senate bill extends the tax credits for wind and solar projects, appliance and building energy efficiency improvements, and plug-in hybrid electric vehicles. It also provides incentives for adoption of advanced metering technology and tax credits for certain carbon mitigation projects.

"Both the House and Senate have worked tirelessly to craft legislation to stabilize our economy and boost investment in energy efficiency and renewable energy projects. Businesses and consumers are now counting on House lawmakers to pass this critical legislation as quickly as possible."

The Edison Electric Institute (EEI) (http://www.eei.org/) is the association of U.S. shareholder-owned electric companies. Our members serve 95 percent of the ultimate customers in the shareholder-owned segment of the industry, and represent approximately 70 percent of the U.S. electric power industry. We also have more than 65 International electric companies as Affiliate members, and more than 170 industry suppliers and related organizations as Associate members.

SOURCE The Edison Electric Institute

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