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development of emerging technologies. States would be encouraged to allow the recovery of stranded costs, and DOE would be authorized to require energy suppliers to disclose to customers a variety of information on prices, terms, and conditions of services, as well as the sources of electricity generation, including air emissions. Similar to the Republican House bill, the Administration bill is silent on the issues of taxes for local and state governments. Sen. Murkowski is expected to hold hearings on the Administration bill when Congress returns in September. AIR QUALITY Global Warming At the latest meeting on the Kyoto global warming treaty, a coalition of developing nations vigorously opposed any moves toward reducing greenhouse gas emissions commitments. The United States and European Union representatives had pressed for more debate on the role of developing countries under the treaty, which binds only industrialized nations to emissions reductions targets. In particular, the U.S. attempted to place on the agenda of the November 1998 conference in Buenos Aires an item regarding voluntary commitments for developing countries. However, China and the "G-77" coalition of smaller nations adamantly rejected the suggestions, refusing to discuss the issue in November. President Clinton has promised not to send the Kyoto treaty to the Senate for ratification unless key developing countries agree to "meaningfully participate" in emissions limitations. The treaty, if ratified, would require the U.S. to cut carbon dioxide and other greenhouse gas emissions to 7% below 1990 levels by 2012, an amount estimated by the Administration to cost between $7-10 billion to the economy. Industry estimates place the cost at ten times that amount. The President has also promised not to attempt to implement the treaty "through the back door" by incorporating climate change activities within EPA's budget for FY 99. The House of Representatives has indicated their distrust of the President's promise by restricting EPA from pursuing the goals of the Kyoto treaty in the House version of EPA's funding bill. A rider to the bill (H.R. 4194) would prohibit EPA from using any funds in their budget to develop rules or regulations to implement or "in contemplation of implementation" of the Kyoto treaty. The Senate, fearing that EPA may try to force greenhouse gas emission reductions through more stringent regulations, also added similar language to their version of the EPA funding bill last month. Based on those amendments, the President has threatened to veto the entire bill, which also includes funding for HUD, the Veterans Administration, NASA, and several other agencies. 4