06 May 2010 Duke Energy’s Support of President Obama’s Cap-and-Trade Policy to Be Challenged by Stockholders at Company Shareholder Meetings Thursday
Policy experts from the National Center for Public Policy Research are attending Duke Energy’s annual shareholder meeting Thursday to challenge the company’s aggressive support of President Obama’s cap-and-trade policy.
Duke Energy is a member of the United States Climate Action Partnership (USCAP) – a lobbying coalition of corporations and environmental activist groups who are seeking a national law to limit carbon dioxide emissions. USCAP played a key role in passing the Waxman-Markey cap-and-trade bill in the House of Representatives last year. Other USCAP members include troubled companies such as BP, GM and Chrysler.
Tom Borelli, Ph.D., director of the National Center’s Free Enterprise Project, will be presenting shareholder proposal 4: “Shareholder Proposal Related to Preparation of a Report on Duke Energy Corporation’s Global Warming-Related Lobbying Activities,” on behalf of Shelton Ehrlich, an individual shareholder.
“Shareholders have a right to know how much of company assets are being dedicated to lobbying efforts for a law that will result in higher energy prices and slower economic growth. Duke Energy CEO Jim Rogers has gone all in – that is – put all of the company’s chips on passing cap-and-trade,” said Tom.
“It’s special interest politics at its worst. It seems Duke Energy will be rewarded with potentially billions of dollars of carbon credits in exchange for the company’s lobbying effort. However, gambling Duke’s future on the value of carbon dioxide – a naturally occurring gas with no intrinsic value – exposes shareholders to significant risk,” added Tom.
“Duke Energy is trying to bring President Obama’s cap-and-trade dream to reality, despite the economic cost. Recall Obama said during his presidential campaign, ‘Under my plan of a cap and trade system, electricity rates would necessarily skyrocket,'” said Deneen Borelli, full-time fellow of Project 21.
“Cap-and-trade is an example of the coordinated effort of big business and big government pursuing their agendas. Obama establishes a massive government program to control energy and big business hopes to make a quick buck while Americans pay for it all in terms of higher energy prices,” added Deneen.
Deneen and Tom Borelli will be representing the National Center for Public Policy Research, which owns Duke Energy stock, at its annual meeting in Charlotte, North Carolina.
The National Center For Public Policy Research is a conservative, free-market non-profit think-tank established in 1982. It is supported by the voluntary gifts of over 100,000 individual recent supporters, and receives less than one percent of its revenue from corporate sources.