The bizarre obsession by the European Union with their misguided efforts to lower the use of carbon via carbon permits could devastate companies like RWE AG and EON AG, according to Citigroup (NYSE:C).
Citigroup analysts said, “The pricing of carbon emissions under Phase 3 of the European Union Emissions Trading Scheme will have a profound impact on power generation companies in particular across Europe.”
This will happen in 2013 when utilities in Europe will be required to purchase carbon permits to cover emissions instead of having them allocated for free.
Companies noted as being the best prepared for the farce are Iberdrola SA and EDF Energies Nouvelles SA, while the worst positioned is Drax, as they generate all their energy via coal.
Like the theory of global warming, which has largely been debunked, the theory of the elimination of, or lowering of carbon being helpful is controversial to say the least, and not proven in any way.
A growing number of scientists say carbon is need in signficant levels for the world to be healthy and whole.
America should stand out as a guiding light in resisting this outrageous attempt at extracting trillions from Americans in order to underwrite and support another fantasy and illusion created by those hoping to create a new world order by controlling energy and other resources.
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