USCAP cos. spend 67 million lobbying: Exelon looks for 30,000,000%+ return

The rent-seeking companies that belong to the U.S. Climate Action Partnership lobbying coalition have spent $67.4 million lobbying Congress this year.

Carbon Control News reports:

Since the beginning of the year, members of USCAP have spent roughly $67.4 million on lobbyists, according to a Carbon Control News analysis of lobbying disclosures, though with many of its members lobbying on issues such as health care it is not possible to determine how much was spent lobbying specifically on climate legislation. Still, indicative of their overall influence, figures compiled by the Center for Responsive Politics suggest the amount spent by USCAP members on lobbyists is on par—and may actually exceed—the total amount spent on lobbying by defense contractors this year. General Electric and ConocoPhillips alone spent more than $20 million on lobbying between them. BP America, another USCAP member, has spent $7.6 million so far on lobbyists, while utilities Duke Energy, Florida Power & Light, and Exelon have each spent around $2.5 million.

What will they get out of the bill?

According to the report,

[Exelon] CEO John Rowe believes the House-passed climate legislation “will add $700 [million] to $750 million to Exelon’s annual revenues for every $10 per metric ton (Mt) increase in the price of CO2 [carbon dioxide] allowances.”

Not a bad annual return on a one-time lobbying investment of $2.5 million.

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