New York Subpoenas Five Energy Companies
By Felicity Barringer and Danny Hakim
The New York Times
Sunday 16 September 2007
Attorney General Andrew M. Cuomo of New York has opened an investigation of five large energy companies, questioning whether their plans to build coal-fired power plants pose undisclosed financial risks that their investors should know about.
Mr. Cuomo, using the same state securities law wielded by his predecessor, Gov. Eliot Spitzer, to investigate corruption on Wall Street, sent subpoenas late Friday to the top executives of the five companies, seeking internal documents.
The companies, which have projects in various states, are AES Corporation, Dominion, Dynegy, Peabody Energy and Xcel Energy.
It is rare, if not unique, for a securities law to be used for an environmental purpose, in this case the fight against new coal-fired power plants. The plants’ main emission, carbon dioxide, has been linked by scientists to global warming.