General Electric is the beneficiary of a provision on green jet engines in the Senate climate bill, according to author and activist investor Steve Milloy. Milloy writes:
Sen. Barbara Boxer’s climate bill set to be released today contains a provision that will compensate General Electric quite nicely for its lobbying and media efforts promoting climate legislation.
Section 821(c) requires that, by December 12, 2012, the EPA set standards for greenhouse gas emissions from “new aircraft and new engines used in new aircraft.”
General Electric is the world’s largest manufacturer of commercial and military jet engines, a business worth about $12 billion in annual revenues.
So the Boxer bill would compel airlines and the military, when purchasing new aircraft and new aircraft engines, to purchase more expensive “green” engines made by GE, according to standards set by the current and GE-lobbied Obama administration.
If Milloy's analysis is correct, this would be another notch in the belt of GE's lobbying team–which is the most expensive corporate lobbying team in America. Earlier GE victories in recent months include light-bulb efficiency laws, billions of green-tech money in the stimulus bill, cap-and-trade, and Obama's push for a smart grid.
Speaking of the smart grid, Milloy has an update on that, too:
GE announced today that utility giant American Electric Power (AEP) will purchase 110,000 smart meters from GE. And just how is AEP managing to buy all these smart meters? President Obama and Congress are making us pay for them.
On Sep. 1, AEP applied to the Department of Energy for $75 million in federal stimulus money for the smart meter purchase.