Reid raising funds from energy industries he subsidizes
By: Timothy P. Carney
Senior Examiner Columnist
09/21/10 12:25 PM EDT
Tomorrow morning, if you want a nice breakfast, have $2,500 to spare, and depend for your paycheck on federal energy subsidies, show up at Charlie Palmer Steak on Capitol Hill. Harry Reid is hosting a fundraiser “with energy and natural resources industry leaders,” including the lobbies for the utilities, wind, and solar lobbies
As of earlier this week, the hosts were:
American Wind Energy Association PAC
Edison International PAC
ITC Holdings PAC
Solar Energy Industries Association PAC
Some notes on these Reid boosters:
Wind energy is heavily subsidized at the state and federal level. One provision in the stimulus changed the “production tax credit” — a subsidy when windmills create electricity — into an “investment tax credit,” which gives you subsidy just for building the windmill, even if it doesn’t spin. That “tax credit,” however,” is available in the form of a check, long before tax day. In other words, it’s just corporate welfare.
The Edison Electric Institute is the lobby for utilities. This lobby endorsed the House cap-and-trade bill, and won many tweaks in it that would basically turn “climate legislation” into a cash cow for the industry.
ITC Holdings builds new power lines, which it touts as more efficient and more reliable. These benefits have value, but if Congress subsidizes transmission and taxes electricity, it’s driving business to ITC.
Solar energy, even more than wind, needs subsidies in order to survive. A Renewable Energy Standard, requiring power companies to use solar, and cap-and-trade (which taxes fossil fuels) would help this industry.
So Reid, President Obama, and other Democrats talk about energy debates as if they pit Big Oil against the polar bears, but Reid’s campaign coffers tell a different story:
Reid supports subsidies for these industries, and they raise funds for him. It sounds a bit like a quid-pro-quo.
Here’s the invite:
<<< I wanted to send a quick reminder about the special breakfast with Senate Majority Leader Harry Reid this Wednesday, September 22nd, with energy and natural resources industry leaders. The event begins at 7:45 am at Charlie Palmer Steak.
This will be one of our last events in Washington, DC before the election in November. I encourage all of you to attend and to pass this invite along to your clients and colleagues.
As you know, this is an incredibly important race, and a very close one. The latest Reuters/Ipsos poll has us ahead by two. Sharron Angle is spending over $500,000 a week on TV while Karl Rove and their Tea Party pals pump in even more. Your support will ensure that we can go toe-to-toe with them and win on November 2nd.
Thank you, and I look forward to seeing you on Wednesday.
-Josh
American Wind Energy Association PAC
Edison International PAC
ITC Holdings PAC
Solar Energy Industries Association PAC
(Host Committee In Formation)
cordially invite you to join them for a breakfast honoring
Senate Majority Leader Harry Reid
Wednesday, September 22, 2010 7:45 am – 8:30 am
Location: Charlie Palmer Steak
101 Constitution Ave. NW
Washington, DC
Suggested Contribution:
$2,500 PAC Host
$1,500 PAC Guest
$500 Individual
Contributions should be made payable to “Friends for Harry Reid”
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