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E-M:/ Dynegy CEO says new plants not "economically justified"



 

FOR IMMEDIATE RELEASE

November 10th, 2008

 

Contact: Virginia Cramer, 804-225-9113 ext.102

 

Dynegy CEO Says New Coal Plants Not “Economically Justified”

Bruce Williamson to speak at energy industry conference this week

 

Houston, TX – Bruce Williamson, CEO of the nation’s largest coal plant developer Dynegy, announced that “very little [power plant development] can be economically justified in the current environment” when speaking to investors last week about his company’s third quarter earnings.  Last year Dynegy took on plans to build more than half a dozen new coal burning power plants around the country with its partner, LS Power.  Those proposed plants have been the target of heavy opposition from the public, the New York Attorney General, the Sierra Club, and numerous other groups.

 

“The company at the front of pushing these unnecessary projects now agrees that building new coal-burning power plants is not a good investment,” said Bruce Nilles, director of the Sierra Club’s National Coal Campaign.  “New coal plants are too risky for consumers, our economy and the environment. It’s clear that companies like Dynegy should be investing in clean energies, like wind and solar, that can help boost our flagging economy and affordably keep the lights on.”

 

Mr. Williamson’s candor may have been influenced by a legal settlement reached with the New York Attorney General’s office last month requiring Dynegy to provide disclosure of material risks associated with climate change to investors.  That agreement was hailed by former Vice President Al Gore as a “key step in the effort to solve the climate crisis”. 

 

On Tuesday morning Mr. Williamson will speak at a conference in Phoenix hosted by the Edison Electric Institute (EEI), the primary advocacy organization for shareholder-owned electric companies. 

 

“We hope Mr. Williamson will share his opinion with his peers at the Edison Electric Institute conference this week,” continued Nilles.  “In these challenging economic times we simply cannot afford expensive and dirty new coal burning power plants, yet many members of EEI are trying to force consumers to pay for them for the next half century.”

 

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