December'12,'2011

The'Honorable'Harry'Reid The'Honorable'Mitch'McConnell

Majority'Leader Minority'Leader

United'States'Senate United'States'Senate

Washington,'DC'20510 Washington,'DC'20510

Dear'Majority'Leader'Reid'and'Minority'Leader'McConnell:

We'are'32 investors writing'to'urge'you'and'your'colleagues'to'support'timely'implementation'of Clean'Air'Act'

rules'proposed'by'the'U.S.'Environmental'Protection'Agency'(EPA),'most'notably'the'Cross'State'Air'Pollution'

rule'(CSAPR)'and'Mercury'and'Air'Toxics'rule'(Utility'MACT).''Issuing'these'regulations'will'provide'investors'and'

companies'the'certainty'they'need'to'make'longRterm'capital'allocation'decisions.''These'rules'will'drive'

improved'public'health'and'create highRpaying'construction,'installation,'engineering,'and'manufacturing'jobs'–

while'retrofitting'outdated,'highRpolluting'power'plants.''We'believe'the'electric'power'industry'is'wellR

positioned'to'comply'with'these'proposed'rules'without'threatening'electric'system'reliability.''

Most'power'companies'have'been'assuring'financial'analysts'they'are'well'on'their'way'to'cleaning'up'their'coal'

generating'fleets.''As'investors,'we'frequently'participate'in'quarterly'earnings'calls,'and'continue'to'hear'from'

utility'executives'that'they are'prepared'to'comply'with'EPA'Clean'Air'Act'rules because'of'earlier'investments'in'

their'generating'fleets.''For'example,'during'his'company’s'third'quarter'earnings'call,'Ralph'Izzo,'CEO'of'New'

JerseyRbased'Public'Service'Enterprise'Group'(PSEG) noted,'“Our'experience'shows'that'it'is'possible'to'clean'

the'air,'create'jobs'and'power'the'economy,'all'at'the'same'time”.

1

''In'a'letter'to'the'House'Energy'and'

Commerce'Committee,'Robert'Flexon,'CEO'of'TexasRbased'Dynegy'wrote,'“We'fully'understand'the'perception'

that'the'[CSAPR]'rule'works'some'unfairness'on'certain'business'interests.''However,'we'want'you'to'know'that'

this'is'not'a'uniformlyRheld'position'in'the'power'sector;'rather,'it'is'a'reflection'of'particular'investment'

decisions...Any'efforts'to'delay'or'derail'CSAPR'would'undermine'the'reasonable,'investmentRbased'

expectations'of'Dynegy.”2

Capital'investments'to'comply'with'these Clean'Air'Act'rules'(CSAPR and'Utility'MACT)'are'estimated'to'create'

nearly'1.5'million'jobs,'or'nearly'300,000'jobs'per year'on'average'over'the'next'five'years.''By'investing'in'the'

air'pollution'control'projects, it'will'create'construction'and'manufacturing'jobs'with'an'impact'across'an'

industry'supply'chain'with'over'175'companies'in'37'states.'''We'believe'investing'in'clean'air'creates'American'

jobs.''

Utilities'can'comply'with'these'rules'without'impacting'electric'reliability.''In'fact,'for'40'years,'impressive'

reductions'in'air'pollution'under'the'Clean'Air'Act'have'occurred'in'conjunction'with'substantial'technological'

innovation,'job'creation,'exports,'and'economic'growth.''Industrial'pollution'sources'have'long'asserted'that'

EPA'rules'will'be'cost'prohibitive;'however,'they'have'been'proven'wrong'time'and'again.''When'Congress'

passed'the'Clean'Air'Act'amendments'in'1990,'industrial'and'utility'sources'of'air'pollution'warned'that'the'acid'

rain'program'would'lead'to'massive'increases'in'the'cost'of'electricity,'stunting'economic'growth.''The'

'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 1 “Public'Service'Enterprise'Group’s'CEO'Discusses'Q3'2011'Results'– Earnings'Call'Transcript”,'Seeking'Alpha,'November'1,'

2011.''Available'at:'http://seekingalpha.com/article/304141RpublicRserviceRenterpriseRgroupRsRceoRdiscussesRq3R2011RresultsRearningsR

callRtranscript 2 Flexon,'Robert'C.'(President'and'CEO,'Dynegy'Inc.,'Houston,'TX).'Letter'to:'(Hon.'Bobby'Rush,'Ranking'Member,'Energy'

and'Power'Subcommittee,'House'Committee'on'Energy'and'Commerce,'Washington,'DC).'September'12,'2011.'Available'

at:'http://insideepa.com/iwpfile.html?file=sep2011%2Fepa2011_1740b.pdf
regulations,'though,'led'not'to'skyrocketing'energy prices'or'economic'collapse,'but'to'cleaner'air'and'economic'

growth.

We'thank'the'Senate'for'voting'against'S.J.'Res.'27,'introduced'by'Senator'Rand'Paul'(RRKY),'which'would'have'

blocked'the'Cross'State'Air'Pollution'Rule'(CSAPR).''We'were'encouraged'by'the'bipartisan'response'to'this'

proposal,'particularly'by'the'six'Senate'Republicans'who'voted'in'support'of'this'important'Clean'Air'Act'rule.''

The'Senate'should'continue'to'demonstrate'its'support'for'clean'air'by'supporting'EPA'in'the'upcoming'

continuing'resolution.'

In'our'view, Congress'should'not'reward'a'handful'of'companies'that'are'seeking'to'delay'these'rules.''A'

majority'of'the'nation’s'electric'generating'fleet'is'either'unaffected'by'these'rules'or'ready'to'comply'so'we'ask'

that'you'support'timely'implementation'of'CSAPR'and'Utility'MACT'rules.'

Please'do'not hesitate'to'contact'me at'Stu.Dalheim@Calvert.com or'(301)'961R4762'with'any'questions'on'this'

matter.

Yours'sincerely on'behalf'of'the'32 undersigned investors,

Stu'Dalheim

Vice'President,'Shareholder'Advocacy

Calvert'Investments

As'You'Sow

Calvert'Investments

Catholic'Health'East

Christopher'Reynolds'Foundation

Clean'Yield'Asset'Management

Congregation'of'Sisters'of'St.'Agnes'General'Council'

Fond'Du'Lac,'WI

Domini'Social'Investments'LLC

First'Affirmative'Financial'Network,'LLC

Friends'Fiduciary'Corporation

Green'Century'Capital'Management

Joyce'Moore'Financial'Services

Mercy'Investment'Services,'Inc.

Miller/Howard'Investments,'Inc

Missionary'Oblates'of'Mary'Immaculate'

Natural'Investments'LLC

NorthStar'Asset'Management,'Inc.

Pax'World'Management'LLC'

Portfolio'21'Investments

Sisters'of'Charity'of'Saint'Elizabeth

Sisters'of'St.'Dominic'of'Caldwell,'NJ''''

Sisters'of'St.'Francis'of'Assisi

Sisters'of'St.'Francis'of'Philadelphia

Spring'Water'Asset'Management

TerraVerde'Capital'Management

The'Sustainability'Group'of'Loring,'Wolcott'&'

Coolidge

TriRState'Coalition'for'Responsible'Investment'

Trillium'Asset'Management,'LLC

Unitarian'Universalist'Association

Walden'Asset'Management,'a'division'of'Boston'

Trust'&'Investment'Management'Company

WilderShares'LLC

Winslow'Management,'A'Brown'Advisory'

Investment'Group

Zevin'Asset'Management,'LLC