[NOTE TO EDITORS: The following response is issued following statements made
by the New York state attorney general's office.]
ST. LOUIS, Sept. 17 /PRNewswire-FirstCall/ -- The New York state attorney
general's office is using purported legal and regulatory claims to promote a
political message by announcing an investigation of climate risk disclosure
among major U.S. energy companies. It is unwarranted to use the legal process
to advance the "just say no" agenda, which opposes practical energy answers
and has driven America to an unnecessary energy crisis. The legal system is
designed to protect -- not harass -- those such as Peabody which are providing
clean energy solutions for America.
A process intended to protect shareholders is instead being used to
advance a political agenda. It is already accomplishing the first objective:
to gain headlines for a cause that has nothing to do with investor
Peabody is happy to point out our clear disclosures regarding climate
change and correct the letter's inaccuracies. For instance, the letter states
that we don't have climate disclosure ... but in fact we do, in multiple
places in our SEC filings on Form 10-K, annual report and social
responsibility report. These are all available via Internet for anyone
wanting to research the company.
The letter also includes the inaccurate claim that we currently operate
power plants. As our investors understand, we are a minority partner in the
proposed Prairie State Energy Campus in Southern Illinois and would own less
than 10 percent.
Prairie State's environmental permits have been confirmed by the state of
Illinois, the U.S. Environmental Protection Agency and most recently by the
U.S. Court of Appeals. This clean plant has a CO2 footprint 15 percent lower
than comparable existing plants. In addition to advancing clean new coal
generation, Peabody is a founding member of the zero-emissions FutureGen
project to commercialize carbon capture and storage.
We encourage the attorney general's office to research the vital role of
clean coal in bolstering America's fragile electricity system, where new
demand is outpacing supply by more than three to one. We urge it to review
the poor decisions that have New York residents paying at least 50 percent
more for electricity than the U.S. average. And we encourage the office to
support clean energy solutions, rather than the excuses that will come when
the economy stalls and the lights go out.
SOURCE Peabody Energy
CONTACT: Vic Svec of Peabody Energy, 1-314-342-7768
Web site: http://www.peabodyenergy.com