DNC Strikes a $10 Million Deal with Cap and Trade Lobbyist
1:12 PM, Mar 14, 2011 • By MARK HEMINGWAY
The Charlotte Observer notes that the DNC have struck quite a deal to host their convention next year:
The issue here isn't so much that the DNC has corporate sponsorship -- but it's the particular corporation that's underwriting them. Duke Energy is one of the biggest cap-and-trade lobbyists out there, and one of the most active members of the U.S. Climate Action Partnership.
About half the electricity the company supplies comes from traditional coal-fired plants, the other half comes from nuclear power. Taxing carbon dioxide will make its nuclear portfolio -- which doesn't emit any greenhouse gases -- much more valuable, and most of the companies coal-powered energy plants are in areas where they have a government enforced monopoly. They can just pass the carbon tax on to consumers who will have no choice but to pay higher rates or go without electricity.
Duke also has a growing windmill and green energy portfolio that are profitable through subsidy suckling. Oh and did I mention that Duke Energy's CEO, Jim Rogers, is a former Enron executive?
If the DNC is going to strike a $10 million deal with Duke Energy, they might as well to put up a big flashing neon sign announcing that they are still promoting regulatory overreach and hostile to business.