AES Eastern Can't Sell Emission Credits In Ch. 11: NY AG

Law360, Wilmington (February 8, 2012, 7:49 PM EST) -- New York’s attorney general on Tuesday blasted AES Eastern Energy LP’s plan to sell $30 million of cap-and-trade emissions credits in bankruptcy, saying the sale will result in hefty penalties that far exceed the cash it could raise.

In an objection filed in Delaware bankruptcy court, Attorney General Eric Schneiderman said AES Eastern — which owns six coal-fired power plants — needs to retain the credits to cover its greenhouse gas emissions from 2009 to 2011 under the Regional Greenhouse Gas Initiative adopted by New York...
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