Bloomberg reports that Southern Co., a major U.S. utility company, expects to lose up to $18 billion as a result of the new “Utility MACT” regulations proposed by President Obama’s Environmental Protection Agency. The rules target coal emissions and would lead, the company says, to the retirement of 40% of its coal-related operations.
Southern Co. CEO Thomas A. Fanning called the rules “misguided in their content and timing,” predicting that the rules would harm the national economy:
“Customers and communities in the Southeast have been struggling with the economic recession and unacceptably high unemployment rates. This unprecedented and ill-timed transformation of the nation’s electricity infrastructure will only impede the U.S. economic recovery, reduce our ability to create jobs and add to the economic burdens of our customers.”
Southern Co. has filed comments with the EPA and hopes the agency will revisit the proposed rules. I hope they don’t hold their breath, because someone is just keeping a campaign promise:
