PRINCETON, N.J.--(BUSINESS WIRE)--David Crane, President and CEO of NRG Energy, Inc. (NYSE: NRG), today joined some other members of the United States Climate Action Partnership (USCAP) in Washington, DC, to urge federal support for cap-and-trade legislation.
“Over the past 100 years, American capitalism has been the most powerful, creative and dynamic force on earth. That force now needs to be channeled to confront climate change which, in turn, requires government action in a language that American business understands,” said Crane. “That language is price. Without a price on carbon, carbon abatement will not happen.”
According to Crane, the United States is at a very sensitive point. “America’s entrepreneurs currently lead the world in developing and innovating carbon abatement products and processes, but this work has been done in anticipation of climate legislation. Actual demonstration, at scale, of the best of these technological innovations—and deployment en masse—depends upon actual climate legislation,” he explained.
Through large-scale demonstration projects and its own deployment of key low-carbon technologies, NRG is working to bring leadership and commercial success to the United States. In 2007, the Company became the first in nearly 30 years to file for a license to build new nuclear generation in the United States, at its South Texas Project location. Earlier this year, NRG formed Nuclear Innovation North America, a partnership with Toshiba, focused on developing, financing and investing in new advanced design nuclear projects in select markets across North America.
In addition to the Company’s nuclear efforts, NRG continues to focus on developing and deploying other low-carbon technologies, such as gasification and carbon capture and sequestration, to utilize vast resources of coal in an environmentally responsible way. Additionally, the Company has pursued multiple wind power investments including a 50% interest in a wind farm completed in October, and a second, wholly owned, wind project which is expected to be online by year end.
Crane believes these kinds of actions, even at a hundred companies, are not enough – and will soon fade in the absence of federal action.
“To keep going and especially to accelerate, we need a coordinated climate and energy policy,” said Crane, “one that includes a moderate initial price on carbon, allocations to buffer consumer and business impacts, and strong support for the rapid deployment of low-carbon technologies like nuclear, renewables with storage, carbon capture and sequestration, and electric cars, as well as increased efficiency.”
NRG Energy, Inc., a Fortune 500 company, owns and operates one of the country’s largest and most diverse power generation portfolios. NRG’s 48 plants provide approximately 24,000 megawatts of generation capacity—enough to power nearly 20 million homes. In November 2007, NRG won two of the industry’s highest honors—Platts Industry Leadership and Energy Company of the Year awards. Headquartered in Princeton, NJ, NRG is a member of the U.S. Climate Action Partnership (USCAP), a group of business and environmental organizations calling for mandatory legislation to reduce greenhouse gas emissions. More information is available at www.nrgenergy.com.
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