Friday, August 24, 2007

Climate fight brings mega profits to EU power firms

USCAP-This is why some very green groups are calling your demand for free allocations to polluters: Cap-and-Steal.

European power companies are making billions of euros in excess profits in the European Union's battle to beat global warming by cutting emissions of carbon gases, and consumers are paying for it, economists say.

The electricity generators are given, free of charge, permits to emit millions of tonnes of carbon dioxide which are currently worth around 20 euros a tonne, but are then charging consumers as if they had been made to pay for the permits....

Read the whole disgusting story from Reuters.