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US utilities change climate policy

Press release 15 January 2009

NBIM commends the Edison Electric Institute for further clarifying the position for U.S. utilities on federal climate change regulation.

The Edison Electric Institute (EEI) is the association of U.S. shareholder-owned electric companies and NBIM is a substantial shareholder in a large number of the member companies.

As part of NBIM’s corporate governance work on environmental issues, NBIM is focusing on policy positions taken by energy related companies in regards to possible U.S. climate policy. NBIM’s main ambition is to communicate our need as a long-term investor in these companies for functional and efficient solutions to the climate change issue. The members of the EEI are important stakeholders in the discussions on U.S. climate policy, both individually and as a group.

The framework presented on the 14th of January clarifies not only a number of issues in regards to the upcoming legislative debate, but also highlights a co-operative spirit from a number of companies of which the impact from possible legislation varies. This will without doubt be a helpful document for legislators when grinding through the complex issues at hand, keeping in mind that a number of the positions raised are to be debated. NBIM would like to commend David M. Ratcliffe, the current EEI Chairman and also Chairman, President and CEO of Southern Company and the rest of the members of the board and the EEI for taking these forward looking and constructive steps.

EEI press release and framework document