Monday, 26 Feb 2007

Texas Fold 'Em

TXU Corp. board accepts biggest buyout offer in U.S. history

The white-hot controversy over 11 proposed coal plants in Texas has taken on a new hue. The board of TXU Corp., which has kicked up an anti-coal firestorm among businesses, politicians, and citizens, voted yesterday to accept the largest leveraged buyout offer in U.S. history -- and the $45 billion deal looks oddly green. The buyout group, led by Goldman Sachs and private equity firms Texas Pacific Group and Kohlberg Kravis Roberts, negotiated with TXU critics Environmental Defense and the Natural Resources Defense Council to settle pending lawsuits over the company's original coal-plant plan. In return, the new owners would build three plants instead of 11; support federal legislation to limit greenhouse gases; cut pollution; pursue wind power; spend $400 million to encourage energy efficiency; and cut consumer rates 10 percent. "We didn't want to be on the wrong side of history," says one person involved in the deal, which now has to be approved by TXU shareholders. Spooky, ain't it.

Martin Who?

An Inconvenient Truth wins Oscars, Al Gore wins affection

Rock star. Superhero. Visionary. That pre-Oscar hype paled next to last night's event, which saw Al Gore -- looking blissfully bloated in a Ralph Lauren tux -- take home an award for Best Documentary Feature and Best Original Song. OK, technically the Goracle himself didn't win either of the statuettes for An Inconvenient Truth, but you wouldn't know it from the on-stage spectacle. "All of us who made this film ... did so because we were moved to act by this man," said Truth director Davis Guggenheim, before handing his Oscar to Gore, who called on the people of the world to solve the climate crisis. Later, singer Melissa Etheridge licked Dreamgirls, then praised Gore "for showing that caring about the earth is not ... red or blue. We are all green." Gore had also spent an earlier moment in the sun when he and Leonardo DiCaprio waltzed onstage to announce that the Oscars had officially gone green, then spoofed the will-he-or-won't-he political swirl. He won't. But maybe he should.


If greens and commercial fisherfolk are getting along swimmingly, Michael Boots calls it a good day. His organization, the Seafood Choices Alliance, facilitates dialogue between the seafood industry and the conservation community in order to tip the scales toward sustainable oceans. As InterActivist this week, Boots chats about his career in politics, his taste for fine wine, and the six degrees of separation from his environmental hero. Send Boots a question by noon PST on Wednesday; we'll publish his answers to selected questions on Friday.

Sealed With a Miss

Federal inspectors find hundreds of coal-mine safety violations

Coal miners across the country are working in unsafe conditions, according to the U.S. Mine Safety and Health Administration. As if spending the day in methane-filled caverns wasn't dangerous enough, inspectors have found hundreds of unsafe seals, the walls built to block off mined-out areas. Two major accidents last year -- the Sago, W.V., explosion that killed 12 miners in January and the Kentucky Darby Mine explosion in May that killed five -- resulted from problems with seals. Eager to avoid a repeat of those high-profile fatalities, MSHA is lobbying to strengthen U.S. seal standards, which are currently weaker than those in other coal-mining countries. But the coal industry says tougher standards would be expensive and time-consuming. Because really, what's a human life or two when you've saved a few bucks? With a final rule due out in mid-December, MSHA might take what it can get. At this point, says engineer Erik Sherer, "we're just happy if there is mortar between the joints."


If warming up with an herbal brew is your cup of tea, maybe you've given some thought to this question: is it more efficient to heat the water in the microwave, on the stove, or in an electric kettle? Advice maven Umbra Fisk takes a look at all three choices, then says she's got this answer in the bag.