To be right of englightened industry leaders is one thing, but to be right of the Wall Street Journal is quite another. But a substantial segment of the electric-utility industry was almost as disappointed, though much quieter. Sensible, farsighted utility executives look at the world as it is, not as they wish it would be. Although the science remains incomplete, they must treat global warming as real.
Carbon emissions are part of the problem.
Electric utilities will be forced to reduce CO2 emissions while producing more electricity. So the goal of smart utilities has been to get something in exchange for accepting CO2 limits. One is a change in perverse rules that discourage utilities from making old plants more efficient, which also reduces pollution. Above all, utilities prize certainty. The political misstep is now obvious.