GOP Attorneys General Seeking to Prevent Vanguard From Purchasing Utilities Over Climate Agenda
A coalition of 13 Republican attorneys general filed a “motion to intervene” on Monday, asking a federal energy regulator to block The Vanguard Group from buying shares of publicly listed utility firms due to its decarbonization goals.
In February, Pennsylvania-based Vanguard asked the Federal Energy Regulatory Commission (FERC) to extend the blanket authorization granted in 2019 to buy large quantities of shares in utility firms. Section 203 of the Federal Power Act (FPA) does not allow the firm to own over $10 million worth of public utility shares until it gains authorization from FERC.
In the motion, the attorneys general point out that FERC only granted such authorization to Vanguard back in 2019 due to assurances from the firm that it will refrain from investing “for the purpose of managing” utility companies….