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Public Power Weekly any rated security through the addition of qualitative and quantitative disclosure of the risks and performance variance inherent in any given security, Treasury said. Each rating would have to include a clear report containing assessments of data reliability, the probability of default, the estimated severity of loss in the event of default, and the sensitivity of a rating to changes in assumptions. In recent years, investors were overly reliant on credit ratings that "often failed to accurately describe the risk of rated products," Treasury said. "This lack of transparency prevented investors from understanding the full nature of the risks they were taking." -ROBERT VARELA Duke CEt~ calls on Senate to pass climate change legislation; Boxer says bill will be ready by Sept. 8 Duke Energy President and CEO Jim Rogers on July 16 called for federal legislation to restrict carbon emissions. The same day, the head of the Senate environment committee promised to have a Senate bill ready by early September. Congress needs to pass legislation this year "because we need certainty," Rogers told reporters at a Washington, D.C., press conference. "We need a road map. We need to make investments. We need to make the transition to a low-carbon world. And I say that as someone who stands before you with a large carbon footprint." Of all U.S. companies, Duke Energy is the third- largest emitter of carbon dioxide, he said. Rogers, who met with a group of senators at a luncheon earlier that day, said they had discussed a number of issues related to acap-and-trade approach to restricting carbon. "We talked about the need to have a price on carbon and cap on emissions," Rogers said. "We talked about the importance of getting the transition right. But the most important thing we talked about is the importance of getting started now." Sen. Barbara Boxer, D-Calif., who chairs the Senate Environment and Public Works Committee, said last week that she plans to have a carbon dioxide cap- and-trade bill ready by Sept. 8, after Congress returns from its August recess. At a July 16 hearing of the environment committee, witnesses said companies from China and other countries would beat the United States in the race to find clean energy technologies unless Congress gives U.S. businesses a strong incentive in the form of carbon dioxide restrictions. Managing Editor 'Jeannine Anderson '.202/467-2977 UAnderso n(a~APPAnet. arg !production Editor ,David L. Blaylock .202/467-2946 DBlaylockCa'}APPAnet.org Circulation Susan Lynch 202/467-2970 SLvnch APPAnet org Mali Liu :202/467-2987 'MLiu APPAnet.ory 'Public Power Weekly is published weekly except the ;last week of the year by the American Public Power :Association, 1875 'Connecticut Ave. N.W., !Washington, D.C. 20007- -5715. Copyright ©2009, !American Public Power Association. '.Advertising -For information on ',advertising, contact Erik :Henson at Naylor LLC; 800/369- 6220 or EHensonCa~ Navlor.com. Classified Advertising Go to Careers in Public ;Power at APPAnet.org or contact David L. Blavlock at APPA, 202/467-2946 http://www.naylornetwork.com/app-ppw/printFriendly.asp?projlD=3214 (3 of 21)7/28/2009 3:37:08 AM