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Merrill Lynch: don't mess with TXU

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  • Nan Hildreth
    Call on Merrill Lynch donate | tell-a-friend ... subscribe Dear Farin, TXU , a Texas utility company, hopes to build 11 new coal-fired power plants, but first
    Message 1 of 2 , 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.

      How plug-in hybrids can recharge America
      Sherry Boschert's new book shows why plug-in hybrids are bringing us all together.

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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.

    • Randy Scott
      This is not yet a press release, but it is an invitation to anyone who is interested enough to want to participate or assist in logistics. The OilPatch
      Message 2 of 2 , Jan 5, 2007
        This is not yet a press release, but it is an invitation to anyone
        who is interested enough to want to participate or assist in

        The OilPatch Democrats are attempting to arrange a debate regarding
        the fast tracking of the proposed new coal-fired power plants. Best
        case scenario would be if this attracts the attention of the
        mainstream media and helps to get the general public aware of the

        John Preston, Acting Director of OilPatch Democrats, is working on
        getting a representative of TXU to participate by presenting the case
        for these new plants. As one might guess, this is a delicate
        negotiation, since the TXU rep almost certainly knows he is going to
        be addressing an audience of people who are already opposed to the
        plan, or at least, not on his side.

        Any group with a dog in that fight...um...I mean, an interest in this
        subject is invited to co-sponsor, especially if you can assist with
        such things as finding a venue (we still don't know how many people
        might attend) disseminating press releases, inviting the press (no
        firm date yet, so no real press release yet) or a hundred other
        things that will make this happen.
        [thing is, as OilPatch Democrats, we all have full-time day jobs in
        careers that have nothing to do with event planning]

        Feel free to forward this invitation to anyone on your mailing list
        who represents an environmental activist group, progressive political
        interest group or otherwise would like to help make this event into
        publicity for the cause.

        As far as I know the date is set for Tuesday, February 6th.

        Randy Scott
        OilPatch Democrats

        -----Forwarded Message-----
        From: "John Wm. Preston"
        Sent: Jan 4, 2007 4:46 PM

        THE GREAT DEBATE! Believe it or not we now have a commitment from
        Jim Henley to serve as our moderator—thanks to Jim Porter; a
        commitment from Tom "Smitty" Smith of Public Citizen to debate for
        the environmentalist side (Smitty was the guy recently in the news
        presenting Gov. Coiffure with Santa Stockings filled with coal for
        his support of fast tracking these coal plants); but still working on
        the TXU representative. Have been in contact with Curtis Siedlits,
        VP of TXU, and looks positive they will participate. Have asked a
        few folks if they would join as co-sponsors of this debate. One of
        the best responses has come from Randall Morton of the Progressive
        Forum. His response is included in its entirety:

        - - - - - - - - - - - - - - - - -


        Thanks for your enthusiasm. Admire your energy with the Demo
        Oilers. And beautiful newsletter and calendar, thanks for including
        our events. But I don't think The Progressive Forum can be a
        promotional partner, we get many many requests and we don't yet know
        how to be fair to everyone, like some of the online progressive
        newsletters do. Very sorry. Until we do, think we need to stick to
        our knitting. Please forgive me for offering an unrequested idea
        from my background as a PR professional. I think the debate has a
        lot of merit if you can get a TXU representative and change the venue
        to a public institution such as the Menil. You could ask a columnist
        like Rick Casey to attend as an audience member and cover it, saying
        you hope the debate should uncover new insights. I think the Sussman
        law firm is fighting them for free, you could consult with them for
        participation, a second panel member, attendance, or sponsorship.
        You could Google the Chronicle to confirm this is the correct law
        firm. The Mayor's office Elena Marks has an interest in raising
        awareness, she might suggest participants. Rick Casey participated in
        a discussion on SPA's play 1984 at the Menil as a panel member.
        Also, I think Eric Berger covers the environment, but I'm not sure.
        You could Google the Chronicle's archive to see who has been writing
        about TXU in the Chronicle and invite them. Rick Casey covered the
        issue of under funded state parks when the Sierra Club raised the
        issue publicly. CEC should be interested in announcing the debate on
        their Friday newsletter to the environmentalists, another good source
        for attendance, I think your debate has the potential for large
        attendance if you can get a TXU rep. It's a really big issue, and I
        can't think of any other public debate on the issue. I think you've
        really hit on something hot. Keep at it. Thanks.

        Randall Morton

        - - - - - - - - - - - - - - - - - - - - -

        The problem is how to do all of the above? The venue we had
        discussed—Mayuri's—probably would be too small. I can't do all of
        this. Who would be willing to pick one part of this and get it
        done? Venue? Rick Casey? Sussman Law Firm? Anything Else? If we
        break it down, we can get it done. Peace friends and congratulations
        on a great idea for starting the new year for the Oil Patch
        Democrats, John
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