Energy Firms Mount Lobby Push for Cap and Trade

"The U.S. Senate's stalled climate bill is getting a last big push from an unlikely ally -- a group of energy companies who say a carbon market will help them get financing for the next generation of energy production.

But intensive lobbying by these climate bill proponents -- including heavyweights like Duke Energy, Shell Oil Co and General Electric Co -- may not be enough to counter powerful opposition and get a bill passed before the U.S. mid-term elections in November.

President Barack Obama says he still backs a climate bill but many have written off the chances of passing legislation with the most controversial provision: a market that aims to cut pollution by letting companies buy and trade permits to emit greenhouse gases.

Nevertheless, some major U.S. companies are pushing for a bill that would include this cap-and-trade system, saying it would create a modern energy economy and thousands of jobs."

Timothy Gardner reports for Reuters February 12, 2010.