DES MOINES, Iowa--(Business Wire)--
MidAmerican Energy Holdings Company Chairman David L. Sokol said today that H.R.
2454, the American Clean Energy and Security Act introduced by Representatives
Henry A. Waxman (D-Calif.) and Edward Markey (D-Mass.), will impose prohibitive
rate increases for customers of MidAmerican Energy Company and PacifiCorp, and
that MidAmerican Energy Holdings Company will oppose the bill in the House of
Representatives.
"The Waxman-Markey bill is a cap and trade program that will force our customers
to pay two expensive costs," Sokol said. "First, they will pay the cost of
emissions allowances purchased on a complex auction market that will do nothing
to reduce greenhouse gas emissions; and second, they will pay the cost of
replacing our existing fossil-fuel generation facilities with low-carbon
alternatives."
As a result, Sokol said MidAmerican could not join the Edison Electric Institute
in endorsing Waxman-Markey. The House Committee on Energy and Commerce began
legislative consideration of the measure today. "Cap and trade will have a
profoundly negative impact on people who are struggling to make ends meet in an
economy still in distress," Sokol added.
Sokol said MidAmerican supports carbon emission reductions and believes the
electric sector can achieve the 83 percent reduction in emissions by 2050 called
for in the Waxman-Markey bill while avoiding the costs of emissions allowances.
"We will, therefore, continue to work with Congress on an alternative compliance
mechanism to be enacted for the states that will reach the same greenhouse gas
emission goals in Waxman-Markey," Sokol added.
MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is a global
provider of energy services. Through its energy-related business platforms -
PacifiCorp, MidAmerican Energy Company, CE Electric UK, Kern River Gas
Transmission Company, Northern Natural Gas Company and CalEnergy - MidAmerican
provides electric and natural gas service to more than 6.9 million customers
worldwide. Information on MidAmerican is available on the Internet at
www.midamerican.com.
MidAmerican Energy Holdings Company
Ann Thelen, 515-281-2785 or 515-979-1286 (cell)
Director of Media Relations
AThelen@midamerican.com
Copyright Business Wire 2009
