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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:33:45 |
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WITH COMPLEMENTARY MEASURES FOR CLEAN COAL AND OTHER TECHNOLOGIES, INCLUDING ADVANCED NUCLEAR PROJECTS.... |
| 00:37:14 |
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I WANT TO THANK ALL OF YOU, AND WE WILL RETURN TO QUESTIONS FROM THE COMMITTEE MEMBERS. WE WILL RECOGNIZE... |
| 00:37:26 |
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THANK YOU. I WANT TO THANK THE PANEL FOR COMING HERE, I FIND YOUR TESTIMONY INTERESTING. YOUR TESTIMONY... |
| 00:37:50 |
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WE REDUCED 72% OF THIS OVER THE TIME THAT YOU DESCRIBED BY LETTING THE RESOURCES GO TO THE VERY BEST... |
| 00:38:18 |
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DID THIS TO GAIN JOBS? |
| 00:38:21 |
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FOR THE UNITED STATES, YES. |
| 00:38:24 |
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I WILL ASK YOU A SIMILAR QUESTION, ALCOA REDUCED THIS BY 36%, WAS THERE AN INCREASING OR DECREASING... |
| 00:38:39 |
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THIS WAS PART OF A RESULT OF SOME MAJOR CHANGES IN REDUCING THE EMISSIONS, AND THIS HAS RESULTED IN... |
| 00:38:57 |
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THE THING THAT IS EXCITING TO ME ABOUT THIS IS THAT IF WE DO THIS CORRECTLY, WE WILL PAY LESS FOR... |
| 00:39:28 |
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I BELIEVE THAT ON THE FRONT END, ONE THING THAT IS IMPORTANT ABOUT THE FRAMEWORK IS -- THERE ARE A... |
| 00:40:07 |
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OVER TIME, THE PRICE OF ELECTRICITY WILL BE RISING, THIS IS INEVITABLE. IT IS CRITICAL THAT WE GET... |
| 00:40:48 |
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ELECTRICITY PRICES ARE GOING TO RISE ANYWAY. WE CAN GET AHEAD OF THIS WITH THE EFFICIENCY GAINS? |
| 00:40:59 |
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I THINK THE PRICE OF ELECTRICITY WILL RISE -- |
| 00:41:03 |
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I THINK THE PRICE OF ELECTRICITY WILL RISE, WITH COMPLIANCE AND CARBON LEGISLATION, THE WAY TO ADDRESS... |
| 00:41:44 |
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I JUST WANT TO EMPHASIZE THAT, THERE ARE TREMENDOUS OPPORTUNITIES IN ENERGY EFFICIENCY, EVEN THOUGH... |
| 00:42:24 |
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THEY WILL GIVE YOU ANOTHER 30 SECONDS. |
| 00:42:30 |
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THIS DEPENDS ON YOUR VIEW OF THE FOSSIL FUEL PRICES. YOU LOOK AT WHERE THEY WERE LAST JUNE AND WHEN... |
| 00:43:00 |
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THE CHAIR RECOGNIZES THE GENTLEMAN FROM TEXAS. |
| 00:43:06 |
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YOU SAID HE HAD NOT ASKED ANY QUESTIONS YET? HAVE WE RECOGNIZE ALL OF THEM? LET'S RECOGNIZE THEM.... |
| 00:43:15 |
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I APPRECIATE THAT, THAT IS VERY GENEROUS. WE WILL RECOGNIZE THE GENTLEMAN FROM MARYLAND. |
| 00:43:30 |
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I APPRECIATE THIS VERY MUCH, -- |
| 00:43:32 |
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JUST GIVE ME THE VOTE. |
| 00:43:36 |
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THERE IS NO FREE LUNCH IN AMERICA. |
| 00:43:38 |
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WE GIVE YOU CREDIT. |
| 00:43:42 |
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SUCH ARE THE ALLOWANCES IN THIS COMMITTEE. |
| 00:43:47 |
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I WANT TO COME BACK A LITTLE BIT, TO THE DISCUSSION THAT YOU HAVE JUST HAD, ABOUT THE EXTENT OF THE... |
| 00:45:51 |
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I THINK WHAT IS HAPPENING EVERYWHERE THAT WE OPERATE, WE THINK OF THE REGULATORY MODEL. THE COMPANIES... |
| 00:47:16 |
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THIS IS GIVING THE CONSUMER A REWARD FOR BEING MORE EFFICIENT, THIS IS FEEDING ON ITSELF. |
| 00:47:25 |
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TECHNOLOGY IS THE FOCUS, AND I HAVE COME TO BELIEVE, HAVING BEEN A CEO FOR 20 YEARS, THAT PUTTING... |
| 00:48:27 |
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I WANT TO SAY FOR THE RECORD, I WAS WITH THE COAST GUARD IN BALTIMORE, THIS BECAME THE LARGEST COAST... |
| 00:48:58 |
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THANK YOU VERY MUCH. WE NOW RECOGNIZE THE GENTLEMAN FROM VERMONT. |
| 00:49:05 |
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THANK YOU, MR. CHAIRMAN. I WANT TO THANK YOU FOR YOUR LEADERSHIP. WE HAVE BEEN GETTING QUESTIONS FROM... |
| 00:50:18 |
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THAT IS WHY WE THINK THAT -- THINKING THE WAY THE COMPANY IS RUN, WITH BIOFUEL AND THE WAY THAT THE... |
| 00:50:52 |
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IF YOU GET THIS WRONG, OBVIOUSLY YOU HAVE A RESPONSIBILITY TO MAINTAIN THE BOTTOM LINE FOR SHAREHOLDERS.... |
| 00:52:18 |
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HAVE THEY CONSIDERED THIS AT ALCOA? |
| 00:52:21 |
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THERE IS LONG-TERM CERTAINTY THAT THIS CAN PROVIDE THIS SORT OF CONFIDENCE OVER THE LONG TERM, BECAUSE... |
| 00:52:56 |
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I WANT TO ASK ABOUT A THOUGHT THAT CAME TO ME AS I LISTENED TO THE CONCERNS OF THE PEOPLE WORRIED... |
| 00:53:53 |
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I DO NOT KNOW ABOUT SIX MONTHS, I THINK THEY CAN TALK SPECIFICALLY ABOUT COSTS, AND MAKING CERTAIN... |
| 00:54:06 |
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DOCTOR? |
| 00:54:09 |
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THIS IS A GOOD IDEA. THERE HAVE BEEN A LOT OF STUDIES DONE BY DIFFERENT ORGANIZATIONS, LOOKING AT... |
| 00:54:30 |
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THANK YOU VERY MUCH. |
| 00:54:34 |
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THANK YOU. I DO NOT WANT TO REPEAT ANYTHING THAT HAS BEEN DONE, I HAVE SOME QUESTIONS. MR. ROGERS... |
| 00:55:14 |
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MY JUDGMENT IS THAT WHEN HE LED THE MARKET WORK, THIS WILL SELECT THE TECHNOLOGIES AND THE PRICE,... |
| 00:56:20 |
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SHOULD NUCLEAR POWER BE ONE OF TWO -- ONE OF THOSE THAT IS AVAILABLE? |
| 00:56:26 |
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IF WE WANT TO HAVE LOW CARBON IN THE FUTURE, YOU WOULD EXPAND AND TRANSFORM THE RENEWABLE PORTFOLIO... |
| 00:56:58 |
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DO YOU THINK IT WOULD BE GOOD FOR THE STATES TO DETERMINE WHAT THE RENEWABLE STANDARDS SHOULD BE FOR... |
| 00:57:14 |
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IT IS, THAT IS WHY THEY HAVE DONE THIS. MANY OF THEM INCLUDE ENERGY EFFICIENCY AS A COMPONENT, THE... |
| 00:57:44 |
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THANK YOU VERY MUCH. ANYONE CAN TALK ABOUT THIS, DO YOU HAVE A FEELING AS WE GO INTO A WORLD WHERE... |
| 00:58:24 |
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CHINA AND INDIA ARE SERIOUS COMPETITORS, IF WE COULD BECOME LEADERS IN MORE EFFICIENT ENERGY, THE... |
| 00:58:43 |
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IS THIS THE RIGHT TIME FRAME? |
| 00:58:47 |
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WE HAVE TO LAY OUT A PLAN SO THE INDUSTRY'S WILL KNOW WHAT THE OPPORTUNITIES ARE. THE SCIENCE AND... |
| 00:58:59 |
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WHEN DO YOU THINK THAT WE COULD BE A LOWER-COST ENERGY PRODUCER? THE TRANSITION IS WHAT IS BOTHERING... |
| 00:59:15 |
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WE ARE WORKING ON SOLAR TECHNOLOGY, 50% OF THE SOLAR CELLS ARE MADE IN CHINA. IF WE CAN PUT THIS IN... |
| 00:59:43 |
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HOW DOES CAP AND TRADE MAKE US MORE ENERGY-EFFICIENT? |
| 00:59:48 |
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WE WILL MOVE TO A SYSTEM -- THIS IS WHAT IS CRITICAL ABOUT IT. |
| 00:59:54 |
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YOU ARE ADDING COSTS TO THE SYSTEM DURING THIS PROCESS OF MOVING TO THE MORE EFFICIENT SYSTEM? THIS... |
| 01:00:11 |
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THERE WILL BE INCREASING COSTS IN THE SYSTEM, IT IS CRITICAL TO ENACT THE LEGISLATION WITH THE RIGHT... |
| 01:00:26 |
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ARE ANY OF THOSE SAFEGUARDS IN THE LEGISLATION? |
| 01:00:32 |
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WHAT WE HAVE PROPOSED -- I HAVE NOT STUDIED THE LEGISLATION ENOUGH. |
| 01:00:38 |
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I THINK THAT YOU HAVE FOCUSED ON ONE OF THE MAJOR ISSUES, WE HAVE TO DO THE TRANSITION RIGHT. THAT... |
| 01:01:42 |
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WE HAVE SEVERAL MEMBERS WHO SHOULD BE RECOGNIZED -- RECOGNIZED NEXT, I WOULD ASK THEIR PERMISSION,... |
| 01:03:29 |
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I WAS LISTENING CAREFULLY TO HIS ANSWER THIS MORNING, AND MY POINT OF VIEW IS THIS, IF YOU LOOK AT... |
| 01:04:56 |
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THIS IS AN INTERESTING CONCEPT. WOULD YOU ALLOCATE SOME SUPPORT TO THE PEERS OF RENT IN THOSE STATES?... |
| 01:05:06 |
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WHAT DO YOU MEAN? |
| 01:05:12 |
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UNDER THIS PROPOSAL, A UTILITY WOULD BE ABLE TO LOWER THE RATES, AS A RESULT OF THE INCREASE IN THE... |
| 01:05:40 |
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THIS IS MY JUDGMENT, TO THE EXTENT THAT YOU HAVE THIS SYSTEM, AND YOU DO THE ALLOCATIONS OF THE ALLOWANCES,... |
| 01:06:13 |
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NO ONE WOULD OBJECT TO THIS. THIS IS RESULTED TO THE CLIMATE PROBLEMS. -- RELATED TO THE CLIMATE PROBLEMS.... |
| 01:06:23 |
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ONE THING THAT WE HAVE SEEN IN THE RENEWABLE AREA, WE HAVE THE ANNUAL TAX CREDITS AND ONE THING THAT... |
| 01:07:19 |
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WE HAVE HEARD CONCERNS THAT PASSING LEGISLATION LIKE THE DISCUSSION DRAFT WOULD CRIPPLE THE ECONOMY.... |
| 01:07:47 |
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THIS CAN BE A YES OR NO ANSWER. |
| 01:07:50 |
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IF YOU GET THE TRANSITION RIGHT, THE ANSWER IS YES. |
| 01:07:59 |
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DO YOU WANT TO SAY THIS FOR THE RECORD? |
| 01:08:02 |
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TRANSITION, YES. |
| 01:08:08 |
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THE TRANSITION IS IMPORTANT, BUT CERTAINLY, IT IS CRITICAL THAT WE HAVE LEGISLATION WITH LONG-TERM... |
| 01:08:16 |
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I AGREE WITH MY COLLEAGUE. |
| 01:08:20 |
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YOU DID NOT GET A CHANCE TO ASK QUESTIONS. |
| 01:08:34 |
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THANK YOU, MY QUESTION, THE DISCUSSION DRAFT WOULD INCLUDE PETROLEUM REFINERS WITH THE DEFINITION... |
| 01:08:58 |
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WE ARE COVERED AND WE ARE UNIQUE IN CLASSIFICATION. WE ARE COVERED FOR OUR OWN GREENHOUSE GAS EMISSIONS,... |
| 01:10:31 |
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MY OTHER QUESTION IS, THE GOOD PAYING AMERICAN JOBS ARE AT THE FOREFRONT AS WE DEBATE THE BILL, AND... |
| 01:10:57 |
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WE ARE THE SECOND MOST INDUSTRY -- ENERGY INTENSIVE INDUSTRY IN AMERICA. IT IS NOT CLEAR IF WE ARE... |
| 01:11:36 |
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THANK YOU. |
| 01:11:44 |
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THANK YOU MR. CHAIRMAN, I APOLOGIZE FOR MY VOICE. I WANT TO SHARE HIS ENTHUSIASM FOR THE DIVERSE GROUP... |
| 01:14:03 |
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THIS IS SUCH A FAR-REACHING QUESTION, I WAS WANTING TO GO AGAIN. THE VISION COMES FROM THE RECOGNITION... |
| 01:15:03 |
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WE HAVE HAD A SIMILAR JOURNEY, WE RECOGNIZE THAT BY ITS VERY NATURE, THIS IS AN ENERGY OF THIS --... |
| 01:16:42 |
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CAN YOU SPEAK INTO YOUR MICROPHONE? |
| 01:16:46 |
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THERE ARE SO MANY CLEAN TECHNOLOGIES, THAT COME TO OUR OFFICES WITH NEW INVENTIONS AND WE SEE A HUGE... |
| 01:17:06 |
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IN THE 20TH CENTURY, IT WAS THE MISSION TO PROVIDE UNIVERSAL ACCESS TO ELECTRICITY. WE BELIEVE IN... |
| 01:18:02 |
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THE CHAIR RECOGNIZES THE GENTLEMAN FROM THE STATE OF TEXAS. |
| 01:18:12 |
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THE CURRENT DRAFT HAS A RENEWABLE PORTFOLIO STANDARD FOR ELECTRICITY GENERATION THAT DOES NOT INCLUDE... |
| 01:18:34 |
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I WOULD DO THIS. |
| 01:18:41 |
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IT IS MY JUDGMENT, WITH THE TRADING SYSTEM, THAT THERE WOULD BE A CLEAN TECHNOLOGY STANDARD, IF YOU... |
| 01:19:01 |
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DOOR PREFERENCE IS TO HAVE NO REASONABLE STANDARD? |
| 01:19:05 |
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I WANT TO LEAVE THIS TO THE STATES, TO MAKE JUDGMENTS ABOUT WHETHER THEY NEED A RENEWABLE PORTFOLIO... |
| 01:19:15 |
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CAN I HEAR YOUR POSITION ON THIS? |
| 01:19:20 |
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THERE IS NOT A STANDARD ON THE UNIVERSAL -- THE UNIVERSAL STANDARD, BUT WE SUPPORT THIS FOR THE REASON... |
| 01:19:34 |
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WILL YOU INCLUDE OTHER THINGS? |
| 01:19:38 |
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I LIKE THE DEFINITION IN THE BILL RIGHT NOW. |
| 01:19:42 |
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HE WOULD NOT WANT THIS? HERE IS THE $64 QUESTION. YOU GENTLEMEN AND LADIES WHO SUPPORT THIS SYSTEM,... |
| 01:20:07 |
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IF THIS WAS 100% FOR THE FIRST YEAR, WE WOULD NOT SUPPORT THIS. |
| 01:20:13 |
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WE WOULD NOT SUPPORT THIS. |
| 01:20:16 |
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WE SUPPORT WHAT I SPOKE ABOUT EARLIER, IN A DESIGN ALLOCATION SYSTEM. |
| 01:20:25 |
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THE TOTAL AUCTION, OR ALLOWANCES? I DO NOT NEED A LECTURE. |
| 01:20:33 |
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WE DESIGNED THE MODEL AND WE SUPPORT THE MODEL OF THE U.S. CAPITOL. |
| 01:20:39 |
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YOU DO NOT SUPPORT THIS BECAUSE THERE ARE NO FREE ALLOWANCES? |
| 01:20:44 |
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THEY HAVE NOT DEFINE HOW THEY WOULD BE ALLOCATED. THIS WAS PART OF THE DISCUSSION. |
| 01:20:51 |
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THIS IS FAIR. |
| 01:20:55 |
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I WOULD OPPOSE ANY LEGISLATION WITH 100% OPTION. |
| 01:21:01 |
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I WOULD BE AGAINST THIS. |
| 01:21:03 |
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I WOULD OPPOSE THIS. |
| 01:21:08 |
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HOW MANY OF YOU ARE DECISION MAKERS IN YOUR KIND -- COMPANY? I KNOW THAT MR. ROGERS IS. HOW MANY ALLOWANCES... |
| 01:21:27 |
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THIS IS NOT AS CRITICAL AS OTHER COMPANIES IN THE EQUATION. |
| 01:21:34 |
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AS I STATED IN MY TESTIMONY, WE WERE REGULATED IN THE FIVE STATES WE OPERATE IN, I AM SPEAKING ON... |
| 01:22:01 |
|
MR. CRANE? |
| 01:22:08 |
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WE OPERATE IN THE STATE OF TEXAS. |
| 01:22:14 |
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WE LOVE THAT YOU ARE THERE, I AM ALL FOR YOU BEING THERE. |
| 01:22:19 |
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THIS IS PART OF THE COMPLIANCE COST. WE PRODUCE 64 MILLION TONS EVERY YEAR, WE DO NOT NEED TO COVER... |
| 01:22:52 |
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MY TIME IS ABOUT TO EXPIRE. THERE IS A DICHOTOMY, TO GO BACK TO WHAT MR. HOLLIDAY HAS SAID. YOU CANNOT... |
| 01:23:38 |
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THE CHAIR RECOGNIZES MR. ROSS FROM ARKANSAS. |
| 01:23:41 |
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THANK YOU FOR COMING TODAY. I BELIEVE THAT THERE ARE SOME GOOD THINGS IN THE BILL, THERE ARE OTHER... |
| 01:24:29 |
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I THINK THAT THERE IS A REAL OPPORTUNITY TO UNLEASH NEW TECHNOLOGIES. AS THE SECRETARY MENTIONED ... |
| 01:25:02 |
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I WOULD SUGGEST THAT WITH THE TAX INCENTIVES THAT WE HAVE, THIS WILL STIMULATE THE INVESTMENTS. 30... |
| 01:25:29 |
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I BELIEVE THAT IN STATES WHERE RENEWABLE WORKS, WE SHOULD BE DOING THIS, BUT I AM NOT FROM A WIND... |
| 01:26:37 |
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I RECENTLY SPOKE AT THE CLINTON SCHOOL, THIS ISSUE CAME UP THERE, THERE WERE QUESTIONS AND THEY GAVE... |
| 01:27:33 |
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MY CONCERN IS THAT WE DO NOT HAVE WIND, WHERE WE HAVE SOLAR WE SHOULD USE IT, AND WE SHOULD CLEARN... |
| 01:28:56 |
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THESE ARE THE SECOND MOST ENERGY INTENSIVE INDUSTRY IN THE COUNTRY. THIS IS 10% OF THE CRUDE OIL, WE... |
| 01:30:00 |
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THANK YOU. I GUESS I WOULD ASK EVERYONE, MOST OF US ON THIS SIDE, AND MOST OF THE PEOPLE THAT I HEAR... |
| 01:31:13 |
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WE MUST HAVE PROVISIONS IN THE BILL, TO TAKE INTO ACCOUNT, IF CHINA AND INDIA AND OTHER COUNTRIES... |
| 01:31:38 |
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HOWEVER WE DO THIS, IF THIS GOES IN THE DIRECTION THAT THIS IS GOING, IS THERE ANY WAY THAT THIS CANNOT... |
| 01:31:54 |
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I BELIEVE THAT WE WILL BE THE LEADERS IN DEVELOPING THE NEW TECHNOLOGY. |
| 01:32:00 |
|
AND WE WILL HAVE TO PAY? |
| 01:32:02 |
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IT IS CREATES THE INCENTIVE. THERE WILL BE DISLOCATIONS IN DOING THAT. WE WILL BE TRAINING THE PEOPLE... |
| 01:32:14 |
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FOR ANYBODY WHO HAS BEEN AT WAL-MART OR SEARS, THERE WAS SOME EQUIPMENT BETWEEN YOU AND THE DOOR THAT... |
| 01:33:10 |
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CONGRESSMAN, AGAIN, THERE SHOULD BE SAFEGUARDS AGAINST THIS, BUT THERE IS AN OPPORTUNITY. THERE IS... |
| 01:33:47 |
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WE HAVE A GOOD OPPORTUNITY DOING WHAT THIS BILL PROPOSES? |
| 01:33:52 |
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I THINK A WELL THOUGHT OUT SYSTEM WILL CREATE INCENTIVES FOR INNOVATION, THAT WILL LEAD TO THE DEVELOPMENT... |
| 01:34:03 |
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DO YOU THINK CHINA IS GOING BY THE CASH REGISTER? |
| 01:34:11 |
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I WOULD SUGGEST THAT, IF WE DESIGNED THIS RIGHT, WE GET THE TRANSITION RIGHT, THIS WILL NOT WEAKEN... |
| 01:35:15 |
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IT'S MY JUDGMENT THAT OUR RATES ARE GOING TO GO UP ANYWAY AS A CONSEQUENCE OF AGING INFRASTRUCTURE... |
| 01:35:31 |
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GENTLEMAN'S TIME HAS EXPIRED. |
| 01:35:34 |
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MR. CHAIRMAN, MAY I ASK FOR CONSENT TO PUT AN ARTICLE IN THE "WASHINGTON POST," OMITS EXPORTS, ASK... |
| 01:35:50 |
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ASK THAT AN ARTICLE FROM THE "WASHINGTON POST" BE PUT IN THE RECORD. WITHOUT OBJECTION I WANT US ALL... |
| 01:36:03 |
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IF YOU CAN ACCEPT IT I MAY JUST WITHDRAW IT. HERE YOU GO. |
| 01:36:08 |
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IT WILL BE INCLUDED IN THE RECORD. THE GENTLEMAN FROM OHIO, MR. SPACE IS RECOGNIZED. |
| 01:36:14 |
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THANK YOU, MR. CHAIRMAN AND I WOULD LIKE TO THANK PANEL MEMBERS FOR BEING HERE TODAY AND YOUR TESTIMONY... |
| 01:38:43 |
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WELL, ONE OF THE THINGS A U.S. CAP BLUEPRINT HAS EMBODIED IN THE BLUEPRINT IS A FOCUS ON MAKING THE... |
| 01:39:59 |
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LET ME STOP YOU, JIM, BECAUSE I HAVE A LIMITED AMOUNT. ONLY ONE MORE MINUTE. THERE IS ONE ISSUE I... |
| 01:40:26 |
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I THINK IT IS GREAT TO HAVE MONEY INVESTED IN IT AND OVER TIME IT WILL MAKE A DIFFERENCE IN INTERPRETS... |
| 01:40:50 |
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DOES ANYONE ELSE WANT TO WEIGH IN? |
| 01:40:53 |
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THANK YOU. I YIELD BACK MY TIME. |
| 01:40:56 |
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GREAT. GENTLEMAN'S TIME HAS EXPIRED. THE CHAIR RECOGNIZES THE GENTLEMAN FROM PENNSYLVANIA, MR. PITTS.... |
| 01:41:05 |
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THANK YOU, MR. CHAIRMAN. MR. HOLIDAY, YOU SAID THERE COULD BE DISLOCATION OR THERE WOULD BE DISLOCATIONS... |
| 01:41:27 |
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I THINK THAT THE OPPORTUNITIES IS WHAT I WAS FOCUSING ON AND I BELIEVE THAT IS FOR SOLAR. I BELIEVE... |
| 01:42:03 |
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HOW IT TREATS THE MANUFACTURING SECTOR IS A CRITICAL ISSUE. HOW LEGISLATION AVOIDS UNINTENDED CONSEQUENCES... |
| 01:42:28 |
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FIRST, I AGREE WITH YOU COMPLETELY THAT THAT IS VERY SCRILL. ONE THING WE MUST WATCH CLOSELY IS --... |
| 01:42:50 |
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I THINK IT'S WELL ACCEPTED THAT A CAP AND TRADE PROGRAM WOULD MAKE OUR ENERGY COSTS AND PRODUCTION... |
| 01:43:26 |
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YOU KNOW, I THINK WE SOUND LIKE A BROKEN RECORD. I THINK GETTING THE TRANSITION RIGHT, YOU KNOW, THAT... |
| 01:43:55 |
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ONE OF OUR COMPANIES IS IN INDIANA. INDIANA, THE LARGEST UTILITY IN INDIANA AND INDIANA IS ONE OF... |
| 01:44:33 |
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WELL, IF WE PASS THE BILL AS DRAFTED, DO YOU FORESEE AN INCREASE IN GASOLINE AND ELECTRICITY PRICES?... |
| 01:44:48 |
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I THINK WITHOUT SEEING THE -- WHAT I DESCRIBED IN MY TESTIMONY, THE ELEPHANT IN THE ROOM, NO CONVERSATION... |
| 01:45:51 |
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DR. BEHIND -- BEINECKE? |
| 01:45:53 |
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THAT'S WHY WE MADE THE PROPOSAL FOR HOW WE DID, THE ALLOCATIONS FOR HOW THE ALLOWANCES COULD TAKE... |
| 01:46:26 |
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AND DID YOU COME UP WITH A PRICE COST TO REMOVE THE C.O. 2 IN THE STUDY? |
| 01:46:34 |
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WE DIDN'T COME UP WITH A PRICE BUT CAME UP WITH HOW THE PRICE COULD BE ALLOCATED AND A COST-CONTAINMENT... |
| 01:46:55 |
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LINKED AND I GUESS THAT IS ANOTHER IMPORTANT ASPECT IS THE LINKAGE. |
| 01:47:00 |
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THANK YOU, THE TIME IS UP. |
| 01:47:03 |
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JUST FOR THE RECORD, IT IS DR. BEINECKE FOR THE -- -- IT IS DR. BERNANKE FOR THE BANK I CRISIS AND... |
| 01:47:23 |
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THANK YOU FOR THAT. |
| 01:47:27 |
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WE ARE WAITING FOR TWO ROLL CALLS TO BE CALLED ON THE FLOOR. AT WHICH POINT WE WILL END THE QUESTIONING... |
| 01:48:22 |
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WE ARE SITTING ON $1.5 BILLION THAT WE WANT TO INVEST IN LOW AND NO CARBON TECHNOLOGY. WE NEED CERTAINTY.... |
| 01:48:37 |
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THANK YOU. |
| 01:48:39 |
|
MISS MCDONALD? |
| 01:48:40 |
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LIKE MR. CRANE, OUR BUSINESS IS A LONG-TERM BUSINESS AND WE CERTAINLY BELIEVE THAT THIS IS NOT --... |
| 01:49:13 |
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THANK YOU. DR. BEINECKE. |
| 01:49:18 |
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WE THINK THE SCIENCE ON GLOBAL WARMING IS POWERFUL AND OVERWHELMING. WE NEED ACTION SOON. WE RECOGNIZE... |
| 01:49:47 |
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GREAT. MR. ROGERS? |
| 01:49:51 |
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I ADOPT ALL THE STATEMENTS THAT HAVE BEEN MADE TODAY AND WOULD ADD TO IT BY STARTING NOW IT WOULD... |
| 01:50:10 |
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MR. CHAIRMAN, WE ARE ENERGY PROVIDERS TO THE CONSUMER. WE NEED INVESTMENTS BECAUSE THE ENERGY BUSINESS... |
| 01:50:40 |
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GOOD. |
| 01:50:41 |
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TWO POINTS. IF WE DON'T ACT CHINA WILL TAKE THE LEAD FROM US IN TECHNOLOGY AND A GROUP OF SCIENTISTS... |
| 01:50:56 |
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WHAT ADDITIONAL PARTNERSHIPS BEYOND U.S. CAP DO YOU THINK YOUR INDUSTRY ALSO HAVE TO REACH WITH THE... |
| 01:51:14 |
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I THINK WHERE THE ELECTRIC INDUSTRY HAS COME UP SHORT IS WORKING ON THE TRANSPORTATION SECTOR BECAUSE... |
| 01:51:32 |
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GREAT. MR. ROGERS? |
| 01:51:34 |
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I WOULD SAY IN U.S. CAP MANY OF THOSE INDUSTRIES ARE REPRESENTED AND HAVE BEEN PART OF THIS DISCUSSION... |
| 01:51:56 |
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WHAT DOES THAT FUTURE PORTEND FROM YOUR PERSPECTIVE? WITH THE VIABILITY TO HAVE PLUG-IN HYBRID FUTURE... |
| 01:52:08 |
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I BELIEVE WE HAVE TO HAVE A AN ANALOG GRID FROM A SMART GRID. I THINK IT IS SOONER RATHER THAN LATER... |
| 01:52:35 |
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THANK YOU. WE'LL GIVE YOU THE FINAL WORD. |
| 01:52:40 |
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I THINK ONE OF THE KEY THINGS TO ESTABLISH IS THE PRICE OF CARBON WHICH WILL WORK ACROSS INDUSTRIES... |
| 01:52:56 |
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THANK YOU. THE CHAIR'S TIME IS EXPIRED. I'LL RECOGNIZE GENTLEMAN FROM MICHIGAN, THE RANKING MEMBER... |
| 01:53:06 |
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THANK YOU, MR. CHAIRMAN. AS I INDICATED EARLIER TODAY, I'M MOST CONCERNED ABOUT JOBS AND THE JOB LOSS,... |
| 01:54:06 |
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THAT IS ONE OF THE THINGS A THAT WE WORK ON TOGETHER WITH OUR COLLEAGUES IN U.S. CAP WAS TO CREATE... |
| 01:54:31 |
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AT SOME POINT THEY COME DUE. AT SOME POINT THEY ARE GOING TO COME BACK AND HIT YOU. |
| 01:54:36 |
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OUR OTHER POINT IS IF WE GET THE CERTAINTY FOR INVESTMENT HERE WE PRODUCE WORLD-CLASS MATERIALS AT... |
| 01:55:09 |
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YOU PRODUCE ALCOA DEGREES, ALUMINUM IN A PRETTY GOOD QUANTITY. YOU COME FROM AUSTRALIA. WHAT IS GOING... |
| 01:55:32 |
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I THINK OUR EXPERIENCE VERY SIMILAR TO WHAT HAS JUST BEEN DESCRIBED. THE PRODUCERS OF ALUMINUM IN... |
| 01:56:18 |
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OK. I'M RUNNING OUT OF TIME. THANK YOU. MR. ROGERS. YOU CONFESSED THAT YOU'RE THE THIRD LARGEST EMITTER.... |
| 01:56:40 |
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I.E.? |
| 01:56:45 |
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YOU NEED TO TURN ON THE MIC. |
| 01:56:48 |
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WE'RE PRODUCING ABOUT 500 MEGAWATTS OF WIND. |
| 01:56:51 |
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AS A PERCENTAGE? |
| 01:56:53 |
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IT IS A VERY SMALL PERCENTAGE. ABOUT 1% OF THE TOTAL. |
| 01:56:57 |
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ARE YOU BELOW 1% WIND NOW? |
| 01:56:59 |
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WE ARE. |
| 01:57:02 |
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BUT IF YOU LOOK AT OUR NUCLEAR -- ABOUT 96% OF OUR ELECTRICITY COMES FROM COAL AND NUCLEAR. 70% FROM... |
| 01:57:15 |
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I MEAN, AS YOU KNOW, I AM ONE THAT SUPPORTS USING NUCLEAR, WHICH IS GREENHOUSE GAS EMISSION-FREE TO... |
| 01:57:52 |
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I DON'T HAVE THE NUMBER AT MY FINGERTIPS BUT I WILL SEND IT TO YOU AND SUBMIT IT FOR THE RECORD. |
| 01:57:58 |
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WILL IT BE SIZABLE? |
| 01:57:59 |
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IT WILL. |
| 01:58:00 |
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LAST QUESTION THAT I HAVE. FOUR SECONDS LEFT. I HAD BREAKFAST THIS MORNING WITH THE CHAIRMAN OF D.... |
| 01:58:27 |
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IT IS MUCH LOWER THAN THAT BUT IT VARIOUS FROM STATE TO STATE BUT I WOULD BE DELIGHTED TO SUBMIT THAT... |
| 01:58:36 |
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WE RECOGNIZE THE GENTLEMAN FROM TEXAS, MR. GREEN. |
| 01:58:40 |
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THANK YOU, MR. CHAIRMAN. I APPRECIATE THE OPPORTUNITY FOR THE HEARING. MR. CAVANEY, I KNOW A LOT OF... |
| 01:59:19 |
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NO, SIR. THE BLUEPRINT SUGGESTS WE NOT HAVE AN OVERLAY OF CARBON STANDARDS ON TOP OF RENEWABLE FUELS... |
| 02:00:28 |
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I WOULD HOPE THAT OUR COMMITTEE WOULD KEEP THAT DIFFERENCE IN MIND WHEN WE GO FORWARD BECAUSE IT DOES... |
| 02:01:21 |
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MY VIEW IS YOU SHOULD TAKE A LOOK AT EACH OF THOSE AND LOOK AT THEIR EXPOSURE AND FIND OUT WHETHER... |
| 02:01:40 |
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OK. MR. CRANE. AGAIN, WELCOME. LIKE CONGRESSMAN BART AND I, CONOCOPHILLIPS HAS A HUGE PLANT IN OUR... |
| 02:02:25 |
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YOU WANT THE RUNWAY NOT TO BE SO SHORT THAT IT IS PUNITIVE AND NOT SO LONG THAT WE BUILD A WHOLE GENERATION... |
| 02:03:18 |
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YOU THINK THERE SHOULD BE A NUCLEAR OPTION IN THIS BILL FOR SOME TYPE OF SECTION -- LET ME BEFORE... |
| 02:04:00 |
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I DON'T RECALL A SPECIFIC CONVERSATION ABOUT THAT BUT COGEN IS AN EFFICIENT FORM OF ENERGY SO I THINK... |
| 02:04:11 |
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THANK YOU, MR. CHAIRMAN. I APPRECIATE THE TIME AND AGAIN, THE RESPONSES BECAUSE ENERGY FIRST QUARTER... |
| 02:04:25 |
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DID YOU EXCLUDE NATURAL GAS FOR SOME REASON? |
| 02:04:30 |
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I THINK NATURAL GAS PLAYS A ROLE IN FUTURE BASE LOAD BUT WE SAW WHAT HAPPENS WHEN THE COUNTRY DEPENDS... |
| 02:04:44 |
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CHAIR RECOGNIZES THE GENTLEMAN FROM FLORIDA, MR. STEARNS. |
| 02:04:50 |
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THANK YOU, MR. CHAIRMAN. MY QUESTION IS FOR MR. ROGERS AND CAVANEY. IT TURNED OUT IN EUROPE THE GRANTING... |
| 02:05:25 |
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TWO IMPORTANT POINTS. FIRST OF ALL WHAT HAPPENED IN EUROPE WAS A CONSEQUENCE OF NOT FOLLOWING WHAT... |
| 02:06:01 |
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OK. I APPRECIATES THAT. |
| 02:06:04 |
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HERE IS A SECOND IMPORTANT POINT AND THAT IS THIS. UNDER OUR PROPOSAL, ALL THE ALLOWANCES GO DIRECTLY... |
| 02:06:33 |
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OK. MR. CAVANEY? |
| 02:06:35 |
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YES, IT IS CALLED FREE ALLOCATION AND THERE IS A MISMOMENTER THERE. REALLY THE INTENT THAT THIS ALLOWANCE... |
| 02:07:11 |
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DR. BEINECKE. WE WENT ON YOUR WEBSITE. IT SAYS NEW NUCLEAR POWER PLANTS ARE UNLIKELY TO PROVIDE A... |
| 02:07:42 |
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-- THAT'S WHAT THE WEAPON SITE SAYS TO ME. -- THAT'S WHAT THE WEBSITE SAYS TO ME. YOU SHOULD BE NEUTRAL,... |
| 02:07:53 |
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I WOULD SAY THAT WE ARE NEUTRAL. WE DON'T OPPOSE THE 20% ALREADY PROVIDED BY NUCLEAR POWER. WE THINK... |
| 02:08:26 |
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NUCLEAR HAS ZERO CARBON DIOXIDE AND NO CARBON EMISSIONS AND YOU WANT TO REDUCE CARBON EMISSION. |
| 02:08:34 |
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I SAID I WOULDN'T REDUCE THE 20% THAT IS THERE BUT WE'RE LOOKING AT WHAT ARE THE NEW THINGS THAT WE... |
| 02:09:11 |
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DO YOU THINK THERE SHOULD BE A TITLE IN THIS BILL FOR NUCLEAR? |
| 02:09:15 |
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I DON'T THINK IT IS NECESSARY. I THINK THERE IS A TITLE IN THE 2005 AND 2007 ENERGY BILL. I DON'T... |
| 02:09:31 |
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THIS IS, IN FACT, BASED UPON THEY ALREADY HAVE SOMETHING PRACTICAL AND EFFICIENT AND YOU DON'T THINK... |
| 02:09:40 |
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THAT ISN'T WHAT I SAID. I'M SORRY, SIR, WHAT I WAS SUGGESTING IS THAT THERE WAS A LOT OF ENCOURAGEMENT... |
| 02:09:51 |
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THE GENTLEMAN'S TIME IS EXPIRED. THE CHAIR RECOGNIZES THE LADY FROM SOUTH CAROLINA. |
| 02:10:01 |
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THANK YOU. I HAVE BEEN SITTING HERE FOR A FEW HOURS BUT I WANT TO SAY THAT THE TESTIMONY OF THIS PANEL... |
| 02:11:30 |
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WE WILL BE HERE LATE TONIGHT SO WE MIGHT HAVE TO -- I THINK -- I DON'T THINK WE'RE GOING TO HAVE A... |
| 02:11:37 |
|
ALL RIGHT. |
| 02:11:39 |
|
WE HAVE EVERY MEMBER'S ATTENTION FOR LIKE FIVE HOURS. |
| 02:11:45 |
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I HAVE BEEN -- I THINK NONE OF YOU HAS MISSED IT CARRYING THIS PROP AROUND WITH ME AND HOLDING IT... |
| 02:12:56 |
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YES, THAT IS VERY TRUE. |
| 02:12:57 |
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WELL, GOOD. SO LET ME JUST FINALLY -- FINALLY SAY THAT MR. CHAIRMAN, I THINK WE SHOULD REGULARLY CALL... |
| 02:13:28 |
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WE ARE GOING TO FOLLOW HER ADVICE AND THE U.S. CAP AS WELL. TO GENTLEMAN FROM -- GENTLEMEN FROM ILLINOIS,... |
| 02:13:57 |
|
I THINK I COULD DEAL WITH THAT, MR. CHAIRMAN. |
| 02:13:59 |
|
THANK YOU. |
| 02:14:00 |
|
THANK YOU. LET ME -- THE DEVIL'S IN THE DETAILS AND WITH RESPECT TO MY COLLEAGUE CALIFORNIA WHO IS... |
| 02:14:59 |
|
I THINK IT TOOK UP THE MOST IN THE 1/2 YEARS. I AGREE, WE ALL AGREE. |
| 02:15:05 |
|
LET'S ASK EVERYONE. MISS MCDONALD? |
| 02:15:07 |
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WE CERTAINLY SUPPORT THE WHOLE APPROACH THAT IS CONTAINED IN THE BLUEPRINT WHICH IS THAT THE ALLEGATION... |
| 02:15:13 |
|
BUT I'M TALKING ABOUT DON'T YOU THINK THAT WE AS A NATION WOULD BE BETTER IF WE HAD THESE CREDITS... |
| 02:15:29 |
|
WE SAID THAT WE WANTED TO WORK WITH THE COMMITTEE ON THAT BASE IS. YES. |
| 02:15:33 |
|
THE QUESTION IS WOULD WE NOT BE BETTER TO HAVE A HEARING ON THE CREDITS AND THE ALLOCATIONS SO THAT... |
| 02:15:48 |
|
IT IS NOT UP TO US I GUESS. |
| 02:15:50 |
|
IT IS UP TO YOU. YOU'RE TESTIFYING. THE QUESTION IS TO YOU. AS AN INDIVIDUAL. WOULD IT NOT BE BENEFICIAL... |
| 02:16:05 |
|
WE CERTAINLY WANT TO KNOW. |
| 02:16:07 |
|
SO WOULD IT BE HELPFUL TO HAVE A HEARING ON THE CREDIT ALLOCATIONS ON A GLOBAL CLIMATE CHANGE BILL?... |
| 02:16:15 |
|
WE HAD CERTAINLY PARTICIPATE IN THE PROCESS. |
| 02:16:18 |
|
WHY DON'T YOU SAY YES OR NO? YES OR NO? |
| 02:16:21 |
|
IF WE WERE INVITED TO A HEARING. |
| 02:16:24 |
|
WOULD IT BE HELP. TO YOUR SHAREHOLDERS TO KNOW THE COST OF DOING BUSINESS PRIOR TO US VOTING ON A... |
| 02:16:33 |
|
YES. |
| 02:16:36 |
|
AND COULD WE NOT HAVE THAT IF WE HAD THE ALLOCATIONS PUBLISHED? |
| 02:16:41 |
|
WE WOULD CERTAINLY WANT THEM PUBLISHED, YES. |
| 02:16:44 |
|
THANK YOU. DOCTOR? |
| 02:16:46 |
|
IF THERE WAS A HEARING WE WOULD THEREOF COME AND DISCUSS IT AS WE HAVE TODAY. |
| 02:16:51 |
|
THAT WOULD BE HELPFUL SINCE THERE IS A GAPPING HOLE, A GLARING HOLE IN THIS BILL ABOUT WHO IS PAYING... |
| 02:17:00 |
|
I THINK A TRANSPARENT PROCESS WOULD BE HELPFUL. |
| 02:17:02 |
|
THANK YOU, VERY MUCH. MR. ROGERS? |
| 02:17:06 |
|
ON BEHALF OF MY CUSTOMERS I WOULD REALTIME HEARING ON THAT SPECIFIC ISSUE. |
| 02:17:10 |
|
GREAT. |
| 02:17:13 |
|
WE'LL BE THERE ANY TIME AND ANY PLACE AND I THINK YOU SHOULD PUBLISH AFTERWARD HOW IT WAS DISTRIBUTED.... |
| 02:17:20 |
|
IT IS CRITICAL THAT YOU GET THIS PART RIGHT. WHATEVER PROCESS WORK. |
| 02:17:26 |
|
OBVIOUSLY IF WE HAD A HEARING THAT WOULD BE HELPFUL TO YOU? |
| 02:17:28 |
|
YES. |
| 02:17:30 |
|
LET ME JUST FINISH BECAUSE I HAVE LIMITED TIME. MR. CAVANEY. FOR CONOCOPHILLIPS, THE SECTION 526... |
| 02:18:08 |
|
MAY I ASK THE GENTLEMAN TO ALLOW IT TO BE SUBMITTED FOR THE RECORD? IS THAT POSSIBLE? I THANK YOU.... |
| 02:18:16 |
|
GENTLEMAN FROM LOUISIANA IS RECOGNIZED. |
| 02:18:18 |
|
THANK YOU, MR. CHAIRMAN. I APPRECIATE THE OPPORTUNITY TO ASK A FEW QUESTIONS. MR. CAVANEY, IF I COULD,... |
| 02:18:56 |
|
NO, SIR. USING DATA, 2012, THE COST OF $25 A TON FOR CARBON, THE ALLOCATION, OUR COMPLIANCE OBLIGATION... |
| 02:19:56 |
|
THAT IS ONE OF MY MAJOR CONCERNS RIGHT THERE. IF I'M PRODUCING OIL AND GAS IN SOUTH LOUISIANA, PRIMARILY... |
| 02:20:18 |
|
THAT DEPENDS IF PEOPLE WANT OUR OIL? OTHER PEOPLE MAY WANT TO USE DIFFERENT GRADES. WE'LL BE OUT... |
| 02:20:28 |
|
INSTEAD OF US BEING DEPENDENT ON FOREIGN COUNTRIES FOR OUR ENERGY NEEDS IN THIS COUNTRY WE'RE GOING... |
| 02:20:44 |
|
IT DOESN'T HAVE TO BE THAT WAY IF WE DESIGN THIS PROPERLY AND WE -- |
| 02:20:55 |
|
I HOPE PEOPLE IN YOUR INDUSTRY WILL WORK WITH US. I NEED TO FIND A WAY TO MAKE IS THAT YOUR THE UNITED... |
| 02:21:11 |
|
THIS IS IMPORTANT ABOUT CARBON EMISSIONS BUT IT IS EVEN MORE IMPORTANT TO ME ABOUT ECONOMIC STABILITY... |
| 02:21:24 |
|
THANK YOU. |
| 02:21:26 |
|
THANK YOU. |
| 02:21:28 |
|
WE APPRECIATE THE GENTLEMAN Y50E8DING BACK. CHAIR RECOGNIZES THE GENTLEMAN FROM CONNECTICUT. |
| 02:21:34 |
|
THANK YOU. I THANK PANEL FOR STICKING WITH US THIS LONG. WE'RE ALL I THINK VERY PROUD OF THE CLEAN... |
| 02:22:57 |
|
JIM AND I JUST CAME BACK FROM FROM A GREEN ENERGY CONFERENCE. WHAT'S HAPPENING NOW IS THEY ACTUALLY... |
| 02:23:26 |
|
ANY OTHER COMMENTS? |
| 02:23:27 |
|
LET ME ASK MORE SPECIFICALLY ONE OF THE QUERIES AND CONCERNS OF THE LAST PANEL WAS WHETHER WE'RE GOING... |
| 02:23:59 |
|
I WAS STUDYING HOW OTHER COUNTRIES ARE INCENTIVIZING TO MAKE SURE THAT ENERGY IS DEVELOPED IN THIS... |
| 02:24:16 |
|
THANK YOU, VERY MUCH. THANK YOU, MR. CHAIRMAN. |
| 02:24:18 |
|
THANK YOU. WE THANK THIS VERY DISTINGUISHED PANEL. YOUR WORK IS THE BASIS FOR THE PRODUCT THAT THAT... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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