Edison International commends Chairman Henry Waxman of the U.S. House of Representatives Energy and Commerce Committee and Chairman Edward Markey of the House’s Energy and Environment Subcommittee for their climate change bill, HR 2454 (American Clean Energy and Security Act of 2009).

“It is important for the nation to achieve meaningful reductions in greenhouse gas emissions while minimizing disruptions to our economic recovery,” said Theodore F. Craver Jr., chairman and CEO, Edison International. “This bill takes the right approach by requiring that emissions allowances be allocated instead of auctioned.”

Edison has supported efforts to achieve responsible climate change legislation, believing it could provide the certainty and predictability required for the nation’s energy companies to make needed capital investments in electric system reliability and affordability. Edison commends the committee chairmen for including provisions in their bill that encourage the advancement of energy efficiency, renewable energy, plug-in hybrid electric vehicles and the technologies needed to meet the bill’s ambitious greenhouse gas reduction goals, most notably carbon capture and sequestration.

Edison International supports a feature of the proposed bill that provides allocations to local distribution companies and merchant coal generators in a way that mitigates economic hardship for consumers during the transition period and eliminates the possibility of windfall profits for the companies receiving allowances.

HR 2454 reflects the consensus approach recommended by government leaders such as Congressman Rick Boucher and numerous industry and environmental leaders, including members of the Edison Electric Institute. This approach seeks to balance protecting the environment with the economic needs of electricity consumers.

Edison International will continue to work with the committee chairmen and other members of the U.S. Congress to ensure that any legislation passed is effective and attainable.