Bristol Herald Courier Opinion Editor Blasts Dominion

By: Lowell
Published On: 1/6/2008 3:20:21 PM

Recently, the Bristol Harald Courier has been on a rampage against Dominion Power ("Global Warming Starts Here!") and its proposed new coal-fired power plant in Wise County.   Today, the Herald Courier's opinion editor, Andrea Hopkins, takes a whack (bolding added for emphasis):

AS HARD as corporate public relations gurus try to remake coal with a cleaner, greener image, the rest of the world simply isn't buying it. The growing concern about global climate change is adding fuel to the anti-coal fire.

However, one doesn't have to be an Al Gore disciple to have grave doubts about coal. The role of power-plant pollution in childhood asthma and deaths from heart and lung disease is enough reason to doubt.

Realistically, the nation cannot move entirely away from coal, yet, as the replacement technologies aren't quite ready. But building new coal plants - with their rising costs and growing concern about their roles in premature death and disease - is a losing bargain.

The Virginia State Corporation Commission holds a public hearing on the Wise County power plant permit on Tuesday in Richmond. This could be the last chance to rethink a decision that will haunt our children and grandchildren.

It's time for those who truly care about the health and future of Southwest Virginia to take a stand. Don't let them destroy our land and our lives to supply a modest amount of power to another part of the state.

If you oppose Dominion Power's assault on the environment in general, and specifically on southwestern Virginia, tell the State Corporation Commission "NO WISE COUNTY POWER PLANT!"  The hearing is on Tuesday, 1/8 in Richmond (Commission's Courtroom, Second Floor, Tyler Building, 1300 East Main Street).  Please register here so your voice can be heard!  Thanks.

Comments



Thanks Lowell (connie - 1/6/2008 3:36:45 PM)
For posting this.  While the commission's mission may be focused upon things like need, costs, etc. instead of strictly enviromental issues, it would be helpful for those attending to focus upon the fact that the true "cost" of this plant (to the health of the local citizens, and the diminition in value of the region when it becomes an industrial wasteland) have neither been studied nor addressed in the rosy picture Dominion has painted of the economic beneifts of the plant.  Lots of tax incentives have been foolishly given away by Wise County to lure the plant to that location, yet the average citizen down there just trying to survive  remains in the dark about how local officials have been duped.  Someone needs to do a study about the effect this will have on the local citizens, a study neither commissioned by Dominion nor conducted by any entity to which Dominion has made substantial financial contributions.  An INDEPENDENT study is the least this Commonwealth owes to the coalfield region.


Did Dominion do it here, too? (TheGreenMiles - 1/6/2008 6:55:55 PM)
NY state subpoenaed Dominion, investigating whether Dominion properly disclosed the financial risks of carbon dioxide emissions from new coal-fired power plants. Does anyone know if a similar investigation is needed here?


It's definitely needed. (Lowell - 1/6/2008 7:29:25 PM)
The question is, will it happen?


No (tx2vadem - 1/6/2008 7:37:09 PM)
I believe New York's request is specific to securities law.  And as far as I know, Dominion's securities are issued and traded in New York.  For the interstate aspect to it, the SEC is the regulator.  This is quite unprecedented on NY's part.  The SEC regularly questions disclosures in 10-K filings, but I have not seen them question companies on properly disclosing carbon dioxide disclosures.

If NY is successful in arguing that disclosure was not adequate, this would rock the financial world.  And you could expect the SEC to take this up fast as there would be a huge demand from industry to set a standard or at least adopt guidance to filers.  

A note on financial disclosures, things are disclosed if they have a material impact on the company.  Taken from the SEC's Staff Accounting Bulletin (SAB) No. 99:

A matter is "material" if there is a substantial likelihood that a reasonable person would consider it important. In its Statement of Financial Accounting Concepts No. 2, the FASB stated the essence of the concept of materiality as follows:

The omission or misstatement of an item in a financial report is material if, in the light of surrounding circumstances, the magnitude of the item is such that it is probable that the judgment of a reasonable person relying upon the report would have been changed or influenced by the inclusion or correction of the item.

It should make for an interesting legal case.  The SEC has not responded to requests to create a specific disclosure for carbon dioxide impacts.  And companies can argue that there is no current regulations or laws that present a financial impact in this regard.  And they can argue that there is not a reasonably possible chance that there would be given the current regulatory environment (i.e. Bush).



Well, the SCC has the power here (tx2vadem - 1/6/2008 7:47:07 PM)
For those in attendance, they should ask that the Commission do this as a part of their authority.  They get to determine whether this is in the interests of Virginians and the points you make are valid in that regard.


So what happened at the SCC hearing? (tx2vadem - 1/8/2008 7:11:49 PM)
Was anyone there?  Does anyone have the scoop?  Were the Commissioners receptive to public concern?  Does the fight need to be taken to another venue?