My presentation is below. Xcel Energy’s proxy statement (containing my proposal and management’s response) is here.
Good morning, my name is Steve Milloy.
Fellow shareholders, my proposal is about honesty and accountability from management.
Honesty and accountability are the key legal duties management owes us.
But we are not getting either.
I am asking that management report to us on what is being accomplished by spending money on emissions cuts that are not mandated by the government.
For example, management has committed to zero emissions by 2050.
Meeting that goal is impossible… if not just foolish… and certainly it will never actually be enforced… unless we are to live without electricity.
The grid cannot be operated without the reliable and affordable baseload power provided by coal, natural gas and nuclear power.
Claims to the contrary are sheer nonsense. And management knows this. So management is lying to us.
And just why has scheming management put off the zero emissions date to 2050?
It knows it won’t be at Xcel 30 years from now to be accountable when the plan inevitably fails.
In the meantime, management is happy to virtue signal and to profiteer by ripping off our customers with pointlessly higher electricity prices.
Even if you believe the science fraud that powers the climate hoax, here is the indisputable reality.
Xcel currently emits about eight-one-hundreths of a percent of global emissions – that’s 0.08% of global emissions.
Xcel could stop emitting today and forever and it would make no difference to climate.
In fact, the entire United States could stop emitting today and forever and it would make no difference to global climate.
But don’t take my word for it. Listen to Joe Biden who said in his recent address to Congress even if we go to zero emissions “it’s ultimately not going to matter.”
Biden climate envoy John Kerry said that both the US and China could go to zero emissions tomorrow and the climate problem is not solved.
Kerry then added that the whole world could go to zero emissions by 2050 and the imaginary problem would still not be solved.
The underlying math is simple—and it doesn’t matter on your view of what passes today as “climate science.”
So Xcel can achieve nothing on climate. Absolutely nothing — except cynical virtue signaling and immoral profiteering.
And to further underscore the pointlessness of Xcel’s extracurricular climate activities, consider that China is currently building an amount of coal power equal to the entire US coal fleet.
China has no actual plan to cut emissions.
India plans to double its coal production by 2024… and amount that is twice current US production.
And the continent of Africa still has 600 million people without affordable and reliable electricity. They will be burning coal, too.
It’s no wonder the United Nations reports that emissions are increasing with no end in sight.
Management’s zero emissions goal is a total joke.
Money spent on climate is a total waste.
Management discussion of its climate-related activities is totally false and misleading.
Management is totally violating its legal and fiduciary duties to us.
Perhaps management could prove me wrong by producing the requested report.
But our dishonest management doesn’t want to admit that emissions cuts are a giant hoax and fraud.
Instead management wants surf the climate scam and use and abuse shareholders and rip-off customers.
Management’s conduct is gross.
Vote yes on proposal No. 4.
May 19, 2021