Boston, MA 06/06/2014 (wallstreetpr) – American Electric Power Company Inc (NYSE:AEP), U.S. leading power plant operator whose operations are based mainly on coal, might have to deploy added set of equipments on its already electrostatic filtered plants, in an effort by President Obama to fight global warming.
Fighting Global Warming
American Electric Power Company Inc (NYSE:AEP) was earlier expecting to have to close some of its largest plants to cope up with Obama administration plan which sought a 25% cut in greenhouse emissions. Before the rules of the U.S. Environmental Protection Agency under this scheme were announced on June 2, the company’s Chief Executive Officer, Nick Akins, had said that AEP would need to shut down some of its units if the Agency went ahead to make such sharp reductions by 2030.
While American Electric Power Company Inc (NYSE:AEP) was seeing it as a big ‘challenge’ and an ‘aggressive’ target to achieve, the U.S. Chamber of Commerce believed the plan would cut down as much as one- third of the entire electricity produced from coal in the U.S. by the end of the proposed period. It rolled out an anticipated figure of $50 billion that the plan would cost the U.S. economy per year.
“Listening Sessions”
The EPA’s chief Gina McCarthy and John Podesta, White House adviser along with their aides have been holding meetings with business groups, labor unions, environmental organizations and local politicians as well as state regulators. They have been conducting “listening sessions” to craft the final plan to battle climate change. McCarthy, who has been heading the agency for 11 months, has been actively consumed with crafting the regulation, which is believed to be U.S. boldest move in fighting global warming. She is determined to lower the emissions held responsible for the climate change by as much as 30% from 2005 levels.
The Vice President at American Electric Power Company Inc (NYSE:AEP)s environmental sciences, John McManus, said that McCarthy is always willing to listen and that her leadership would allow EPA executives to at least listen, if not agree, with what others have to say.
