In Bold Climate Action, AEP Forms Environmental Committee!!!

[hatrack]

SAN FRANCISCO - "Two big coal-burning U.S. electric utilities announced agreements with state and church pension funds to publicly report their efforts to reduce greenhouse gasses and other pollution from their power plants.

EDIT

Shareholder activists have pushed utilities and other energy companies to disclose more information about financial risks of potential federal and state laws to cut carbon dioxide - the main greenhouse gas linked to global warming - and other emissions.

Shareholder resolutions urging more disclosure last year got the support of the Institutional Investor Services group that offers advice on proxy voting. A disclosure measure won 27 percent of shareholder votes at AEP, a high level for such a resolution.

Both AEP and Cinergy agreed to shareholders' requests that a committee of independent directors oversee the environmental reports. As a result, shareholders will withdraw resolutions facing the two utilities at their annual meetings this year."

EDIT

http://www.planetark.com/dailynewsstory.cfm/newsid/23916/story.htm

[Kolesar]

1. I have family who works of AEP

I was pumping her for rumors of AEP buying out moribund First Energy of Akron. She responded:"I haven't heard any rumors about us buying First Energy", and "AEP only wants to buy good companies"

[hatrack]

2. "Good" companies that don't have pesky environmental reporting standards

AKA "How to make shareholder resolutions go away for fun and profit".

[Kolesar]

3. AEP did accomplish getting the shareholder resolutions to go away

"Both AEP and Cinergy agreed to shareholders' requests that a committee of independent directors oversee the environmental reports. As a result, shareholders will withdraw resolutions facing the two utilities at their annual meetings this year. "

I hope the committee of independent directors is not a sham.