Environmentalists Sue PPL for Dirty Coal
Sierra Club and the Montana Environmental Information Center filed suit this week against coal-powered Colstrip Generating Facility owners for violations of the Clean Air Act. The environmental groups have accused Warren Buffett's Berkshire Hathaway- owned PacifiCorp, PPL , and additional owners, of "continued operation of Colstrip after illegal alterations [were] made without modernizing pollution controls."
The facility began commercial operation in 1975, and currently has a 2,094 MW generating capacity. Speaking on behalf of Sierra Club's Beyond Coal campaign, Director Bruce Nilles noted:
Today's legal action is the latest in our nationwide campaign targeting owners of the nation's aging coal fleet who continue to skirt their legal obligations. It's our national priority at the Sierra Club to uphold the health and environmental safeguards promised by the Clean Air Act for more than three decades. When coal-owning utilities can no longer dump their pollution on unsuspecting customers for free, they realize sticking with coal is a gamble they can't afford to risk.
The environmental groups are seeking damages of up to $37,500 a day since the plant first underwent major alterations in 1992, or approximately $300 million in total .
Thanks to the savvy of investing legend Warren Buffett, Berkshire Hathaway's book value per share has grown a mind-blowing 586,817% over the past 48 years. But with Buffett aging, and Berkshire rapidly evolving, is this insurance conglomerate still a buy today? In The Motley Fool's premium report on the company, Berkshire expert Joe Magyer provides investors with key reasons to buy, as well as important risks to watch out for. Click here now for instant access to Joe's take on Berkshire!
The article Environmentalists Sue PPL for Dirty Coal originally appeared on Fool.com.
Fool contributor Justin Loiseau owns shares of Berkshire Hathaway.You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo.The Motley Fool recommends Berkshire Hathaway. The Motley Fool owns shares of Berkshire Hathaway. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
