By Lorraine Woellert March 4 (Bloomberg) — Compromise legislation to curb carbon emissions is gaining support in the U.S. Congress because a stalled “cap-and-trade” bill can’t win passage, according to NRG Energy Inc. chief David Crane . “Cap-and-trade by definition is dead,” NRG’s chief executive officer said in an interview yesterday. Scrapping proposals to trade carbon credits for all polluters, senators are working on a plan for the electric-power industry to “go first,” Crane said. Oil refiners might pay fees that would go to highways and bridges instead of participating in trading emissions allowances, he said. The compromise measure, still being drafted by Massachusetts Democrat John Kerry , Connecticut independent Joseph Lieberman and Lindsey Graham , a South Carolina Republican, would also have provisions to promote nuclear power. The approach is drawing broader support than the cap-and- trade bill that passed the House last year and then stalled in the Senate, according to Crane. The chief of Princeton, New Jersey-based NRG was among executives from the group We Can Lead interviewed yesterday in Bloomberg’s Washington bureau. The group consists of clean-energy and technology companies, such as Google Inc. and Vestas North America. “I was really encouraged at the number of people who are listening now,” Crane said after meeting with lawmakers in Washington. “The range of Republican senators who are listening now goes beyond the normal three or four suspects.” He predicted the new bill, which senators expect to introduce in the coming weeks, won’t draw the “virulent opposition” that business lobbyists such as the U.S. Chamber of Commerce raised against the House cap-and-trade proposal. “You’re going to see a much more reasoned debate by all parties,” Crane said. “That’s because the stuff that really drove the opposition crazy has been taken out of the bill.” NRG, the second-largest power producer in Texas, fell 17 cents to $22.50 yesterday in New York Stock Exchange composite trading and has declined 4.7 percent this year. To contact the reporter on this story: Lorraine Woellert in Washington at lwoellert@bloomberg.net .
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Utilities May Be Willing to Go First on `Cap-and-Trade,’ NRG’s Crane Says
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