A lump of coal in the filings…

February 3, 2009

Peabody Energy (BTU) filed an interesting 8K yesterday with this presentation that it plans to give at the Credit Suisse Energy Summit which is taking place in Vail today. One of the slides that jumped out at me was on pg. 13, which touted how coal-friendly the Obama Administration is.

With pictures and quotes from Obama, Energy Secretary Steven Chu, and EPA Administrator Lisa Jackson, the slide notes that “Obama proposes five major CCS projects”, which apparently comes from the energy plan than Obama put out during the campaign.

But it’s the quote from Chu, in particular, which the slide said was taken from his confirmation hearing last month that seems particularly at odds with other public comments from Chu. For example, in December the WSJ quoted Chu as saying “Coal is my worst nightmare.” To be fair, I haven’t watched Chu’s confirmation hearings. Nor have I seen a transcript so I don’t want to imply that the quote isn’t accurate. It just seems like it was plucked out of what were probably a lot more cautious statements. Chu’s prepared testimony, for example, only mentions the word coal once.

UPDATE: Salon.com took a closer look at Chu’s testimony and it turns out that Peabody did a bit of air-brushing here.

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