1233 12th St. NW,
Washington DC 20005
Saturday, February 10, 2001
The Invest in Clean Energy (ICE) Proposal is on the ballot. The Securities and Exchange Commission ruled on January 19th in my favor. Up to two million stockholders will see the ICE Proposal printed in their proxy statements and to be voted on their proxy cards. The five companies the ICE Proposal has been submitted to collectively own 28 nuclear power plants, have over 20 million customers and comprise about a fifth of all U.S. electrical generation capacity. All five stockholder meetings will be this spring.
The rights for stockholders to present proposals to companies they own stock in came about from the depression era 1934 Securities and Exchange Act. Several hundred proposals are submitted to companies every year. These proposals are defeated 99% of the time. Many of the proposals relate to management functions, benefits, union and employee relations. The decision by the SEC to allow the ICE Proposal represents a significant victory for human rights. It sets a precedent that future proposers may follow. It is a significant addition to what is possible.
1. Constellation Energy Group (formerly Baltimore Gas and Electric) has responded to the SEC ruling by publishing their response as it will apppear in the proxy statement (enclosed). Constellation announced in December that they would buy the two reactors at Nine Mile Point for $814 million.
Constellation already owns the two reactors at Calvert Cliffs.
2. Exelon Corporation was recently created from the merger of Commonwealth Edison (ComEd of Chicago) and Philadelphia Electric Co. (PECO Energy of Philly). The new company owns ten reactors in Illinois and five in Pennsylvania, a total of 15, one sixth of all nuclear power in America. The new company has close to a million stockholders and ten million electric customers. The company has not opposed having the proposal in their proxy statement.
3. Southern Company serves most of Georgia including Atlanta, and several other southern states. The ruling from the SEC on the Southern Co. attempt to have the proposal excluded has not yet been announced.
4. Duke Energy based in Charlotte is also awaiting a ruling from the SEC. 5. Progress Energy is the new name from the recent merger of Carolina Gas and Electric with Florida Progress Co. Progress Energy has not opposed having the proposal in their proxy statement