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5355Merrill Lynch: don't mess with TXU

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  • Nan Hildreth
    Dec 13, 2006

      Rainforest Action Network
      Call on Merrill Lynch
      Dear Farin,
      TXU , a Texas utility company, hopes to build 11 new coal-fired power plants, but first it needs to raise $11 billion to finance the proposed plants. The Texas plants are part of a growth strategy that could make TXU the biggest single corporate greenhouse gas emitter in the United States.
      These new power plants would emit a whopping 78 million tons of carbon dioxide per year, and they have a projected lifespan of up to 50 years. With the help of Wall Street bankers, this global warming crime could happen sooner than you think! 
      We're following the money. Merrill Lynch is one of the banks helping TXU underwrite this dirty deal. They've already given more than $3 million in support of TXU's project. We need you to call and tell them to stop helping TXU destroy our climate. Take action now!

      Join us in calling Merrill Lynch today!
      TXU claims that these dirty plants are needed to meet Texas' energy needs, but independent analysis has shown that energy efficiency, renewables and demand management offer quicker, cheaper and cleaner energy alternatives to meet Texas' current and future needs.
      Texas is already the country's largest emitter of greenhouse gases. TXU's proposed new power plants would:
      • Put out more than the combined greenhouse gas emissions of 21 U.S. states.
      Emit as much as the equivalent of 14 million new cars on the roads. Negate Japan's entire greenhouse gas emission reduction commitment under the Kyoto Protocol. Furthermore, these plants will cause environmental health problems relating to air and water quality and mercury emissions, threatening nearby communities that include Dallas-Fort Worth and Waco.  TXU would like to ignore the consequences of its greenhouse gas pollution, taking advantage of the fact that carbon emissions are unregulated for now. But with leading economists estimating the true costs   of C02 at $85 per ton, TXU's new plants will impose a toll on society of at least $6.6 billion a year.

      TXU is awaiting state approval to begin construction, but with help from Texas Governor Rick Perry, who granted a
      "fast-track" approval process for his political donors at TXU, the company could have permits by April 2007. 

      However, the company still needs to secure financing – a cool $11 billion worth – and is currently soliciting funds from a series of banks.  We are reaching out to those same banks and telling them to stay away from TXU's project.

      We need your help. 
      Please call Merrill Lynch and tell them to stop helping TXU finance its dirty coal power projects and instead adopt climate-friendly environmental and social policies.

      Thank you for all that you do,
      Scott Parkin
      Global Finance Campaign
      Rainforest Action Network

      Merrill Lynch and TXU
      Merrill Lynch CEO Stanley O'Neal

      More than 600 of you called Dalton McGuinty on
      behalf of Grassy Narrows last week. Now we need your voices again.

      Call Merrill Lynch!

      Check out the Understory for some more background on TXU and their coal plants in Texas.


      You can do more on TXU's coal power plants here.

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      Nan Hildreth, Houston

      "Global warming is the greatest moral and spiritual crisis facing Earth's people."  Unitarian Universalist Ministry for the Earth.

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