For years, environmental and shareholder activists have pushed companies that generate greenhouse gases to disclose how climate change could affect their financial outlook. Now, two operators of coal-burning power plants — Xcel Energy, Inc., and Dynegy Inc. — have agreed to provide this information in their 10-K filings with the Securities and Exchange Commission.
It wasn’t the SEC that demanded the information, but New York State attorney general Andrew Cuomo. Since September 2007, he’s been investigating five companies that plan to build new coal-fired plants around the country. Cuomo claimed jurisdiction under the Martin Act, a New York law that allows his office to bring civil or criminal charges against anyone who sells or buys securities in the state.
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