Influencing Legislation and Regulation
The greatest risks Duke Energy faces are "stroke of the pen" risks from legislation and regulation. In 2007, we spent approximately $2.8 million on federal lobbying efforts to ensure the voices of our company, shareholders and other stakeholders were heard. Our lobbyists study proposed bills and regulations, consult with technical and financial specialists, and provide information to lawmakers so they can make informed decisions.
The Honest Leadership and Open Government Act of 2007 was enacted in September to amend parts of the Lobbying Disclosure Act of 1995. Among other provisions, the law now requires quarterly reports of lobbying activity and funding. Our first report under this law will be filed in April 2008.
What Price Climate Legislation?
The importance of Duke Energy participating in the political process can be illustrated by the proposed Lieberman-Warner climate legislation considered by Congress in 2007. If that proposal were to be enacted in its current form, our customers' bills could increase dramatically. We will continue to work with Congress to craft legislation that helps reduce greenhouse gas emissions without unfairly targeting customers who rely primarily on coal for energy generation.