CLIMATE CHANGE NEWS

October 2008

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New York State Attorney General Reaches Groundbreaking Settlement of Disclosure Claims Against Major Coal-Fired Power Producer

On August 27, 2008, New York State Attorney General Andrew M. Cuomo announced a potentially precedent-setting agreement with one of the nation’s largest utilities and operators of coal-fired power plants, Xcel Energy (Xcel). Cuomo’s office agreed to suspend its investigation of potential violations of New York State securities laws by Xcel, which was commenced against Xcel and four other large power companies last year. Xcel agreed to provide detailed disclosures of its climate risk to the U.S. Securities and Exchange Commission (SEC), in a settlement, which could serve as a template for ongoing consideration of how companies should address such risk in their SEC filings.