October 17, 2013 Read More →

Green groups seek assurances Energy Future can clean up coal mines

HOUSTON,  (Reuters) – “Environmental group leaders on Wednesday urged Texas regulators to ensure that financially strapped Energy Future Holdings can cover the cost of cleaning up its coal mine operations in the state in the future.

Dallas-based Energy Future Holdings (EFH +0.34%), the state’s largest generator of electricity, is working to restructure about $40 billion in debt in the next few weeks.

Environmental interests, Public Citizen and the Sierra Club, question whether EFH and its subsidiaries have set aside cash or assets with sufficient value to cover a potential $1 billion tab to clean up its mining operations as required by law should the company declare bankruptcy and plants are shuttered by new owners….

‘No responsible regulator reading those filings and using good judgment could sit on his hands and not take action,’ said Tom “Smitty” Smith, Texas director of Public Citizen. ‘It’s time for the Railroad Commission of Texas to get tough and get to the bargaining table to assure that Texas is protected from abandoned mines.'”

By Eileen O’Grady- Thomson Reuters republished on MSNtr_ahz_rgb_pos

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