The nation's power giants responded en masse to the Obama administration's ambitious Clean Power Plan with reactions from outright vitriol to tepid support as the White House looks to rein in climate change.
Large coal energy companies, who saw their share prices battered in the wake of the announcement, are leading opposition to the CCP.
Deck Slone, senior VP for strategy and policy at Arch Coal, the No. 2 US coal producer, called the CCP an “ill-advised and poorly designed rule, which won’t work, won’t pass muster with states, and won’t stand up to legal scrutiny.”
Slone wants the Obama administration to ramp up investment in “low-carbon fossil fuel technologies” like coal power.
Peabody, one of the world’s largest coal producers, took a populist approach and urged courts, Congress, states, consumer groups and electricity customers to fight the CCP rules. “Coal provides some of the lowest cost electricity in America and the economy, jobs and households will suffer if these rules move forward,” the company said.
The Partnership for Affordable Clean Energy, an Alabama-based entity with energy industry ties, also struck an economic warning and called the plan a “lousy bargain” with “strong potential to raise electricity prices, cost American jobs, endanger reliability, and make our nation less competitive.”
The US Chamber of Commerce expressed similar outrage and vowed to fight the regulations. “It is a bad deal for America, and we will pursue all available options, including litigation if necessary, to block EPA's regulatory power grab from taking effect,” said CEO Thomas Donohue.
Energy providers with more diverse sources struct a more conciliatory tone, reserving final judgment on the regulations while giving tepid support.
Lynn Good, president and CEO of Charlotte-based Duke Energy, the top electric power company in the US that uses coal, natural gas, oil and nuclear to generate, was more supportive, calling the plan “ambitious” while pitching Duke as a leader in the field to reduce utilities’ environmental impact.
PG&E, the California-based energy giant, praised outreach by the EPA and administrator Gina McCarthy in developing the rule, noting it could provide “tremendous environmental benefit.” CEO and president Tony Earley said his utility has made solid progress on the climate change front, but stopped short of endorsing the CCP.
“While we are optimistic about the contributions this rule will make, it is very complex and we must complete an assessment of its impact on our customers, state and region,” he said.
Business leaders will face challenges in the upcoming year, some of which will come as a complete surprise, or beyond anyone's imagination.
Teneo has hired Philipp Grontzki, who is a 20-year veteran of corporate communications and financial journalism, as a managing director in its strategy and communications group.
Rowan Benecke, who co-founded Zeno Group and helmed Burson-Marsteller's tech practice, has joined McKinsey & Co as director of communications for North America.
BCW has named Golin's Matt Coldagelli EVP and leader of its corporate affairs practice in Chicago.
Abby Bailey, who headed corporate communications for Fedex in its Middle East, India and Africa region, has joined Teneo as managing director in Dubai.
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