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To: Frank Pembleton who wrote (93013)	8/4/2001 6:13:11 PM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 95453

Frank, re: Kyoto. Okay, anybody who doesn't like the Kyoto proposals will like a report in the latest issue of The Economist, written by a professor at a university in Denmark, who used to be an ardent environmentalist. He now believes the environmental question is overplayed and that there are statistical data that would argue that proposals like Kyoto are far too expensive for what they could reasonably expect to accomplish. Don't get too carried away, however. He treats the issue from a statistics point of view and ignores a fair number of other factors which may be important (factors other than CO2). There's also an article in today's (August 4) New York Times, which deals with the irony of heavy subsidies for technologies like coal, which is the worst polluter of all, rather than for inherently cleaner technologies like oil. And to complete the review of recent articles, the August 6 issue of BARRON'S (available today) foresees a time in the near future when we will have OVERCAPACITY in electric power generating facilities, thanks to the huge building boom now underway. In fact, BARRON'S believes many current power plant projects may be abandoned before they're completed. This should really produce a rush to the exits by those who have invested heavily in companies such as Calpine, Duke, etc. Here again, remember that BARRON'S is frequently wrong, yes, really wrong! Art