Tag: American Electric and Power

Breaking: AEP to pay $4.6 Billion environmental settlement!

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With a symbolic one dollar for every year the earth has been around, the Associated Press is reporting that AEP has agreed to pay $4.6 Billion in that lawsuit initiated by 8 eastern states, directed at the midwestern coal plants contaminating the air and making the clouds rain acid:

The settlement requires American Electric Power, based in Columbus, Ohio, to reduce chemical emissions that cause acid rain by at least 69 percent over the next decade.

It also fines AEP an additional $15 million in civil penalties and another $60 million in cleanup and mitigation costs to help heal parkland and waterways that have been hurt by the pollution.

Just for some perspective, this marketbasket type settlement marks a new milestone in environmental settlement history.

Exxon Mobil Corp. estimates it has paid $3.5 billion in cleanup costs, government settlements, fines and compensation for the 1989 Exxon Valdez oil spill. The company is fighting an additional $2.5 billion in punitive fines.

Wonderful news! There’s not much detail about the contents of the basket on the internet yet but I’ll update as more appears. This is a bfd, and a major legal victory, so let’s see if it makes the morning news. Congratulations to all people, statues, streams and national landmarks involved.

(from Truth & Progress)