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Chicago Coal Plant Closures Point to Energy Source as Risky Investment

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Banks That Finance Coal Should Heed Warning From Plant Closures
Wednesday, February 29, 2012

SAN FRANCISCO— Today, Midwest Generation, a subsidiary of Edison International, announced the retirement of the Fisk and Crawford coal plants, two of the oldest and dirtiest coal-fired power plants in the country. Agreements signed by Midwest Generation, Chicago’s Clean Power Coalition and the City of Chicago indicate that Fisk will shut down in 2012 and the Crawford coal plant in Little Village will shut down by 2014.  The announcement marks a historic victory after a decade-long grassroots campaign designed to protect public health and the environment from the impacts of burning coal.

The following is a statement from Rainforest Action Network, which has been calling for the retirement of Fisk and Crawford coal fired power plants, and for Bank of America to end its underwriting of Edison International.

“Bank of America is a leading financier of polluting coal plants like Crawford and Fisk. In 2010, BofA invested $66 million in Edison International, the parent company for Midwest Generation. Today’s news is the latest sign that coal-underwriting is not only an environmental and reputational risk to banks, but also makes little financial sense.
 
“The shuttering of the Fisk and Crawford coal plants pounds two more nails into the coffin of the dirty coal industry, and provides even more evidence of why coal is a bad investment. It is time utility companies and the banks that underwrite them look toward the future and shift investments into clean energy and away from a dying industry.
 
“Increased air quality regulations, growing public criticism and shifts in the energy marketplace are turning a once reliable energy investment into a high-risk, dead end gamble. The EPA’s tightening of air quality standards will force the closure of hundreds of the most outdated power plants including those financed by Bank of America.

“It’s time banks end their financing of this century-old technology that plagues public health, the climate and our economy, and find dependable, secure energy investment opportunities.”

 

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Rainforest Action Network runs hard-hitting campaigns to break North America’s fossil fuels addiction, protect endangered forests and Indigenous rights, and stop destructive investments around the world through education, grassroots organizing, and non-violent direct action. For more information, please visit: www.ran.org

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