CMS Energy announced yesterday that it is putting plans for a new coal plant on hold for economic reasons, but the results of the votes on two shareholder resolutions presented at the company’s annual shareholders meeting last week show that many shareholders are concerned about environmental aspects of coal power.
According to the Thursday filing with the Securities and Exchange Commission a proposal requesting, “quantitative goals, based on current technologies, for reducing total greenhouse gas emissions from CMS Energy’s products and operations drew 53 million yes votes and 98 million no votes.
Another resolution that requested a “report on CMS Energy’s efforts, above and beyond current compliance, to reduce environmental and health hazards associated with coal combustion waste, and how those efforts may reduce legal, reputation and other risks” got 65 million yes votes and 86 million no votes.
While neither environment resolution passed, backers of the proposals say that the level of support that they received was much higher than expected.
“This vote sends a very strong message to CMS that shareholders are concerned about how the company is dealing with coal ash contamination of Saginaw Bay and also how it is managing risks at all its facilities to avoid future contamination and cleanup costs,“ Amy Galland, research director of the San Fransisco-based investment group As You Sow, said in a statement. “Shareholders at utilities nationwide are demanding answers about risks to their investments.”
Coal ash is a byproduct of coal‐fired power plants that contains arsenic, mercury, and lead. Toxins from coal ash dumps around CMS Energy’s Karn-Weadock complex have contaminated area groundwater and leached into Lake Huron.