COAL—STICK A PIN IN, SEE IF IT’S DONE

Green America Heralds Dynegy's Decision to Pull the Plug On Five Coal-Fired Power Plants as Important Anti-Coal Victory; Step Seen as "Outstanding Clean Energy Start to New Year," Marks Further Decline of Dirty Power in U.S.; Facing Intense Opposition, Energy Company Drops Five of Six Planned
January 6, 2009 (CSR Wire via Coop America)

"The decision by U.S. power company Dynegy (NYSE:DYN) to pull out of planned power plant projects means that "coal-fired power is one big step closer to being mothballed once and for all," according to Green America…

"…Dynegy canceled its joint development agreement with LS Power to build a new fleet of coal plants. Although LS Power retains the right to develop the projects on their own, Dynegy is far larger than LS Power, and without Dynegy's support LS Power will have a much harder time raising funds and securing long-term purchase agreements which enable new power plants to move forward. Green America was a leader in putting pressure on Dynegy to pull the plug…

"In May 2008, Green America climate action campaign coordinator Yochi Zakai warned investors attending Dynegy's annual shareholder meeting about the massive cost of carbon regulation to the company and also raised concerns about the toll of its coal plants on surrounding communities and its impact on climate change. Heeding that message, Dynegy's stock rose… as investors acknowledged the risk that new coal plants represented.

"…LS Power may continue development on the Arkansas coal plant, and Dynegy currently plans to move ahead with plans to build a new plant in Texas. Green America and other groups vow to continue fighting these new coal plants…The environmental community had labeled Dynegy "the next King Coal" in response to their plans…Last spring thousands of Green America members spoke up to urge Dynegy to cancel the plants. Working with individual and institutional investors, Green America raised concerns about Dynegy's climate risk consistently over the past year…"