Sacramento Bee

Most businesses say California's new cap-and-trade program, designed to curb greenhouse gas emissions, is a job killer that will suck billions of dollars out of the economy.

But you won't hear too many protests from some of the biggest businesses of all: California'selectric utilities.

From SMUD to Southern California Edison, the state's utilities have been placed in a special class that effectively cushions companies and their ratepayers from the cost of reducing carbon emissions.

"It will hold their rates neutral," said Scott Murtishaw, an energy adviser at the Public Utilities Commission. 

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