Bloomberg: Representative Henry Waxman, the architect of climate-change legislation, agreed to cut by half penalties utilities would pay for failing to meet requirements for production of renewable electricity, according to a lawmaker who sought the more lenient standard. The fine for failing to achieve the renewable mandate would be 2.5 cents for each kilowatt-hour that a utility falls short of meeting the standard, down from 5 cents, said Representative G. K. Butterfield, a North Carolina …