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Politics : American Presidential Politics and foreign affairs

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From: DuckTapeSunroof	10/8/2009 1:26:04 PM
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Senate Republicans: Give Us Nuclear, Offshore Drilling, We’ll Consider Cap-and-Trade 3 comments by: Greentech Media October 07, 2009 \| about: NLR / NUCL seekingalpha.com By Jeff St. John Republican Sen. Lindsey Graham is making Senate Democrats an offer - give us support for nuclear power and offshore oil and gas drilling, and we'll consider supporting a cap-and-trade program. The South Carolina senator told the Houston Chronicle on Tuesday that he and "more than a handful" of Republican senators might throw their support behind climate and energy legislation now before Congress - but only with concessions on the nuclear and offshore drilling fronts. It's the latest development in the fight over climate and energy legislation. The American Clean Energy and Security Act passed by the House in June would aim to cut the nation's greenhouse-gas emissions by 17 percent by 2020 and by about 83 percent by 2050 through a cap-and-trade program (see Energy-Climate Bill Could Boost Electricity Costs 20% by 2030). But cap-and-trade faces a tougher battle in the senate, where backers including Senate Majority Leader Harry Reid (D-Nev.) have questioned whether it can be passed this year (see Green Light post). Sens. John Kerry (D-Mass.) and Barbara Boxer (D-Calif.) have introduced a bill that includes a more aggressive program to reduce carbon emissions by 20 percent by 2020, though the bill has dropped the cap-and-trade term in favor of "pollution reduction and investment," the Associated Press reports (see Green Light post). But the Senate bill leaves open a key question also unanswered by the House bill - just how allowances for emitting industries will be allocated. That's important, since utilities, oil and gas companies and other big emitters want at least a portion of their emission permits for free to ease the costs of compliance (see House Energy Bill Draft: Cap-and-Trade Included). Sen. Kerry has said he's willing to talk with Republicans on the nuclear and offshore drilling fronts, the New York Times reported Wednesday. Graham told the Times that he wants nuclear power to be counted for proposed national renewable power standards and given similar tax credits to those now enjoyed by wind and solar power. As for offshore drilling, he pointed to a proposal that would expand drilling in the Gulf of Mexico and off the coasts of Virginia, North and South Carolina and Georgia. The Kerry-Boxer bill offers the nuclear power industry only minor changes in the form of incentives for worker training and lengthening the licensing of power plants, and doesn't mention offshore drilling. House Republicans in June failed to gain support for an energy bill that boosted nuclear power and offshore drilling (see Green Light post).

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