Repetto, Robert, and James Henderson. "Environmental Exposures in the U.S. Electric Utility Industry." Yale School of Forestry and Environmental Studies, Working Paper, February 2003.

Reviews 47 U.S. electric utilities' exposure to possible changes in future air emissions policies. Focuses on scenarios currently before Congress, including a Three-Pollutant Cap-and-Trade Policy "similar to that endorsed by the current U.S. administration." Estimates compliance costs of 5-115% of 2000 revenues, depending on the company and scenario under study. In each scenario, however, the size of impacts varies widely among the companies reviewed. As a result, the authors note, investors are highly dependent on risk information provided by the companies, but notes that "the companies studied vary considerably in the adequacy of their financial reporting of these potential impacts."