October 7, 2008
Duke Energy Supports Boucher-Dingell ‘Legislative Discussion Draft’ to Address Climate Change
CHARLOTTE, N.C., Oct. 7 /PRNewswire-FirstCall/ -- The following is a statement Duke Energy Chairman, President and CEO Jim Rogers gave today in response to Congressmen Rick Boucher and John Dingell's Legislative Discussion Draft to address climate change issued by the U.S. House Energy and Commerce Committee.
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"We appreciate all the hard work by Chairman Dingell, Chairman Boucher and the Energy and Commerce Committee members and staff in developing the Legislative Discussion Draft to address climate change. Duke Energy strongly supports this effort and specifically the draft proposals to:
-- use a cap-and-trade approach to ensure the program is economical and contains costs -- have realistic near-term nationwide greenhouse gas emissions targets linked to when advanced emissions technologies are expected to be commercially deployed -- increase energy efficiency -- gradually tighten greenhouse gas emissions targets to ensure we reach an 80 percent reduction below 2005 levels by 2050.
The Legislative Discussion Draft outlines different emission allowance allocation proposals to consider in further detail. Duke Energy strongly supports the proposal that grants allocations to local electric distribution companies (LDCs) based on the historic emissions of their electric supply in order to protect consumers from significant price increases at the start of the program. Allocating allowances, whose value went back to the customer, worked very well in the 1990 Clean Air Act Amendment and subsequent federal air quality regulations to address acid rain and smog, and it can work again to address climate change.
We look forward to working with the members and staff of the Energy and Commerce Committee to further develop this draft proposal and subsequent legislation to be considered by the U.S. House of Representatives.
We appreciate the inclusive process the committee has used in preparation of this discussion draft and their sincere desire to receive input from all those who will be impacted by this legislation.
Electric Utilities account for approximately 40 percent of our nation's greenhouse gas emissions. The sooner Congress passes comprehensive climate change legislation, the better for the long-term health of our industry and our nation's economy. Our industry is embarking on a major effort to modernize our infrastructure, and we must have regulatory certainty to ensure these projects move forward."
Duke Energy, one of the largest electric power companies in the United States, supplies and delivers electricity to approximately 4 million U.S. customers and natural gas service to approximately 520,000 customers in its regulated jurisdictions. The company has approximately 35,000 net megawatts of electric generating capacity in the Midwest and the Carolinas, and natural gas distribution services in Ohio and Kentucky. In addition, Duke Energy has more than 4,000 net megawatts of electric generation in Latin America, and is a joint-venture partner in a U.S. real estate company.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com/.
CONTACT: Tom Williams Phone: 980-373-4743 24-Hour: 704-382-8333
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CONTACT: Tom Williams of Duke Energy, +1-980-373-4743, or 24-Hour,+1-704-382-8333
Web site: http://www.duke-energy.com/
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