Dive Brief:
- The Republican party are increasingly winning the financial backing of U.S. energy companies in the run up to the 2014 mid-term elections. Republicans need six seats to take control of the Senate majority.
- Political action committees (PAC) for the electric utility industry have given 63% of their donations on Republican candidates in this election cycle. Oil and gas companies spent an even greater proportion, with 83% of total spending going to Republicans.
- In contrast, environmental groups are giving more to Democrats, with billionaire investor Tom Steyer pledging $100 million in donations for candidates with pro-climate action policies through his NextGen Climate Action Committee super-PAC.
Dive Insight:
At the last mid-term elections, electric utilities spent 55% of their money on Democrats and 43% on Republicans. Since then, the Obama administration and the Environmental Protection Agency have proposed new rules aimed at curbing CO2 emissions from new and existing power plants. The Republican party has been outspoken in decrying these rules, saying they undermine the energy industry and raise electricity prices for consumers.