Two of America’s biggest coal burners want to have their cake and eat it too.
On the one hand, Southern Co. and American Electric Power Co. have joined in a legal challenge against the Obama administration’s Clean Power Plan, which is meant to steer the U.S. away from coal power and toward renewable energy.
The utilities say the rules amount to federal overreach and require the companies to move too quickly.
At the same time, Southern and AEP said they see the regulations as offering a long-term opportunity to make money by building renewable and natural-gas power plants and power lines.
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Mark Repsher said: “Both Southern and AEP own regulated utilities that can recoup spending and make a profit on new investments if it’s approved by state regulators. That may be one reason why the utilities see long-term opportunity in the federal push for more clean energy resources.”