Green Billionaires Club? David Vitter Owns Stock in Coal Utilities Fighting EPA Carbon Rules
Cross-Posted from DeSmogBlog
On July 30, the Republican minority of the U.S. Senate Committee on Environment and Public Works, headed by Sen. David Vitter, released a report titled "The Chain of Environmental Command: How a Club of Billionaires and Their Foundations Control the Environmental Movement and Obama’s EPA."
Photo Credit: Wikimedia Commons
Critics of the report say it is propaganda designed to skewer the Obama EPA and environmental philanthropists for "conspiring to help the environment."
Vitter's chief source of campaign cash is the oil and gas industry and he recently called the billionaire Koch Brothers "two of the most patriotic Americans in the history of the Earth."
What the 92-page report leaves out is that Vitter — an esteemed member of the Senate "Millionaires Club" — owns tens of thousands of dollars in stocks of the electric utility Wisconsin Energy Corporation (We Energies), which owns major coal-fired power plants in both Oak Creek, Wisc. and Pleasant Prairie, Wisc.
We Energies says it stands to lose economically if the proposed Obama EPA carbon rules are implemented, citing the potential risks related to legislation and regulation in its most recent U.S. Securities and Exchange Commission (SEC) Form 10-Q.
"Any legislation or regulation that may ultimately be adopted, either at the federal or state level, designed to reduce GHG emissions could have a material adverse impact on our electric generation and natural gas distribution operations," We Energies stated on the form.
"Such regulation could make some of our electric generating units uneconomic to maintain or operate, and could adversely affect our future results of operations."
We Energies CEO Gale Klappa also voiced dissatisfaction with the proposed rule during his company's most recent earnings call, saying the company will submit comment to the EPA as part of the public comment period.
Not Just Wisconsin Energy
Financial disclosure forms for 2013 obtained by DeSmogBlog show that, beyond We Energies, Vitter also owns stock in other companies with "skin in the game" on fossil fuel investments, such as General Electric, NextEra Energy and Emerson Electric.
Like We Energies, NextEra Energy — which owns Florida Light & Power — said greenhouse gas regulations at either the federal or state level could hurt its corporate bottom line in its most recent SEC Form 10-Q.
"[NextEra] business could be negatively affected by federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions," reads the Form 10-Q.
"Extensive federal regulation of the operations of [the company] exposes [it] to significant and increasing compliance costs and may also expose them to substantial monetary penalties and other sanctions for compliance failures."
Vitter also owns stock in oil majors ExxonMobil and Chevron.
Vitter owns $250,000-$500,000 in Chevron stock alone, not including ownership in other related holdings, such as the company's mutual funds. When that is tallied, Vitter owns hundreds of thousands more dollars worth of Chevron holdings.
Spokespeople for U.S. Senate Committee on Environment and Public Works and Sen. Vitter's office did not respond to a request for comment from DeSmogBlog sent via email.
Transparency is in the Eye of the Beholder
In the opening section of the report, the U.S. Senate Committee on Environment and Public Works wrote that "the Billionaire’s Club is not, and seemingly does not, want to be transparent about the groups they fund and how much they are supporting them."
Yet the hundreds of thousands of dollars in investments owned by Vitter in companies that stand to lose from the proposed Obama EPA carbon rules go unmentioned anywhere in the report.
Transparency, some would say, is in the eye of the beholder.