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U.S. Coal Industry Begging for Bailouts (as Their Free Market Principles Die an Agonizing Death)


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#1 LFC

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Posted 25 August 2017 - 04:33 PM

Yes, the coal industry's defenders are seriously panhandling for protection now. First here's a good review on why the coal industry is dying. Not just coal jobs, many of which have been lost to automation, but the use of coal as a fuel.

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The story of coal’s decline has been told many times now (see this post for more), but at root, it’s not complicated: The industry’s product is outmoded.

Natural gas and wind power are cheaper than coal power in most places, and solar power is heading the same direction. What’s more, wind and solar (variable renewable energy, or VRE) and natural gas complement each other. VRE is completely clean but variable. Natural gas is moderately clean but flexible. Variable and flexible work well together; they are the basis for the modern grid. (Whether we can find equally flexible but entirely clean alternatives to natural gas in the coming decades is the most pressing issue facing the grid.)

Giant, slow, inflexible, dirty coal plants simply don’t fit in that picture. Coal still represents 30 percent of the US electricity mix, but as natural gas and renewables grow and the grid evolves toward a flexible, distributed model, its role will inevitably shrink.

There’s no big conspiracy, no “war on coal,” just the creative destruction of capitalism at work, as technological advances and evolving social preferences transform industries. Without creative destruction, capitalism doesn’t work — productivity and wages don’t grow. But there is no creative destruction without pain for the workers and communities on the losing end. That’s why capitalist societies need a foundation of public services (upon Matt Bruenig’s sage advice, I’m no longer using the term “safety net”). It cushions the turbulence of creative destruction.


Here's the first beggar. You have to read the whole piece for a description of the justification (in the last paragraph below) but it's as ridiculous as expected.

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West Virginia Gov. Jim Justice recently made news by becoming a Republican at a Donald Trump rally. There are many reasons for the switch, but one of them was clearly to get in good with Trump, who has repeatedly expressed fealty to coal. (Coal miners were early supporters, and Trump loves those who love him.)

In subsequent meetings with Trump, Justice pushed a rather brazen proposal: a federal subsidy of $15 for every ton of Eastern coal burned in a US coal plant. (To his constituents, he called this request for $4.5 billion in taxpayer handouts a “new, bold idea to put coal miners back to work.”)

Sit with that for a minute. The power sector is abandoning Appalachian coal because Western coal (from the Powder River Basin in Montana and Wyoming) is cheap and natural gas and renewables are even cheaper. So Justice wants federal taxpayers to pay coal plants to keep burning it. He wants a negative carbon tax. A pollution subsidy.

It’s as though Nokia petitioned the government to pay people to keep buying its flip phones after the iPhone came out — you know, if Nokia phones were spewing millions of tons of pollutants into the air and water.

The mind, it boggles. What is the conceivable justification for such a policy? For a request this ridiculous, it could only be one thing: national security.


And the asshole that John Oliver recently roasted, Bob Murray, is going full blown communist to protect his money.

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Justice’s request, ballsy as it was, pales next to Bob Murray’s.

The CEO of the coal mining company Murray Energy was an early and enthusiastic Trump supporter, donating hundreds of thousands of dollars to both the campaign and the inauguration. He is arguably responsible for Trump’s allegiance to the coal mining cause (and helped persuade him to withdraw the United States from the Paris climate agreement).

It seems that Murray had several meetings with Trump and various advisers over the summer in which he made the following proposal: He wants Trump to use emergency powers under the Federal Power Act section 202© to impose a two-year moratorium on the closing of coal-fired power plants.

Seriously. He wants Trump to make it temporarily illegal to close a coal plant. That’s beyond a subsidy. It’s practically Soviet!

Naturally, Trump was all for it.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

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""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#2 Progressive whisperer

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Posted 25 August 2017 - 04:38 PM

I'm all for paying the miners (not the companies) to not mine coal. That's nothing like what is requested here of course, but it would be worth much more to pay the workers not to work...

Trump delenda est.
GOP delenda est.
Resist!

#3 LFC

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Posted 25 August 2017 - 04:54 PM

View PostProgressive whisperer, on 25 August 2017 - 04:38 PM, said:

I'm all for paying the miners (not the companies) to not mine coal. That's nothing like what is requested here of course, but it would be worth much more to pay the workers not to work...

But what about all of those poor, nearly penniless mine owners? They might have to live just on the millions (Tens of millions? Hundreds of millions?) they have stashed away.
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#4 HockeyDon

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Posted 27 August 2017 - 06:25 AM

Speaking of Murray, did anyone see (or post) the response to his lawsuit against John Oliver? It's brilliant.

https://www.document...9902323086.html

Just scroll through it for the bold parts. Hilarious.
Well, fuck.

How can I be expected to distinguish BS from reality when so much of my reality is utter BS?!

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#5 Probabilistic

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Posted 29 August 2017 - 01:21 PM

View PostHockeyDon, on 27 August 2017 - 06:25 AM, said:

Speaking of Murray, did anyone see (or post) the response to his lawsuit against John Oliver? It's brilliant.

https://www.document...9902323086.html

Just scroll through it for the bold parts. Hilarious.

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#6 LFC

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Posted 06 November 2017 - 04:53 PM

Rick Perry is working on rigging U.S. electricity markets for the benefit of a segment of coal producers, including Bob Murray who is hoping to get what he paid for when he supported Trump both vocally and monetarily. In fact Murray's company may go bankrupt without a Republican picking winners and losers. In addition to companies that produce other forms of energy there are other losers; consumers who buy electricity. Trump and Perry want to lift money right out of their wallets and hand it to coal companies. Didn't these people vote for Trump in numbers? SUCKERS! The Trump giveth (just not to you) and the Trump taketh away (most definitely from you).

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A proposal by Energy Secretary Rick Perry to alter the nation's electricity markets would provide a windfall for a small group of companies — most strikingly one owned by coal magnate Bob Murray, a prominent backer of President Donald Trump.

Perry's plan would force consumers to subsidize ailing coal-fired and nuclear power plants with billions of dollars, in what he calls an effort to ensure that the nation’s power network can withstand threats like terrorist attacks or severe weather. But his narrowly written proposal would mostly affect plants in a stretch of the Midwest and Northeast where Murray's mining company, Murray Energy, is the predominant supplier, according to a POLITICO analysis of Energy Department data.

The company and its PAC together sent $200,000 to pro-Trump election efforts last year, while Bob Murray threw an invitation-only West Virginia fundraiser for Trump in 2016.

Perry’s proposal, which needs approval from the Federal Energy Regulatory Commission, is the Energy secretary's most aggressive step yet toward helping Trump reverse what he has denounced as former President Barack Obama's "war on coal." But while it would stimulate demand for coal, it would also increase power prices for millions of customers.

The plan has stirred up opposition from an unlikely gathering of allies, including environmental groups, the natural gas, wind and solar industries and the American Petroleum Institute, normally one of the fossil-energy world’s most potent advocates in Republican politics. But it has drawn cheers from coal companies, particularly those with operations in Appalachia.

"Customers get less than nothing while a few companies and their investors get a whole lot of something," Nora Mead Brownell, a Republican former electricity regulator, said of Perry's plan, noting the high cost estimates. “Money that gets spent there doesn’t get invested in doing what you really need to do, which is upgrading the grid."

Meanwhile, Bob Murray’s company has publicly acknowledged that its future depends on whether Perry’s plan flies.

“Murray Energy has a vital and critical interest in the outcome of this rulemaking proceeding," the company said last month in its comments to regulators. "Given the current threats to those resources, Murray Energy, along with other coal producers and related industries ... is threatened with bankruptcy and significant economic harm if those resources are forced out of the market by unreasonable and unsupportable market pricing mechanisms.”

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#7 LFC

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Posted 09 January 2018 - 01:54 PM

View PostLFC, on 06 November 2017 - 04:53 PM, said:

Rick Perry is working on rigging U.S. electricity markets for the benefit of a segment of coal producers...

Rick Perry, despite wearing his smart glasses now, crashes and burns.

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The Federal Energy Regulatory Commission unanimously rejected a proposal to subsidize coal-burning and nuclear power plants on Monday. Its defeat hands a victory to the motley coalition—of environmental groups, natural-gas companies, free-market advocates, and Democratic state attorneys general—who had opposed the rule and promised to fight it in court.

The 5-0 rejection was all the bitterer for the administration because four of the five commissioners who lead the agency were appointed by President Trump, and three are Republicans.

As proposed, the rule aimed to improve the resilience and stability of the electrical grid. Citing some electricity problems that struck during the “polar vortex”-induced cold snap of 2014, Secretary of Energy Rick Perry proposed that utility companies should pay coal and nuclear plants to keep weeks of extra fuel on hand.

The Department of Energy, which Perry leads, doesn’t have the power to force utilities to follow such a rule itself. But the Federal Energy Regulatory Commission, or FERC, is charged by Congress with regulating interstate electricity sales and some power utilities. Perry asked FERC’s five commissioners to adopt his proposed rule within 60 days.

The plan was always controversial. Critics argued that Perry’s bailout would harm natural-gas plants, slow the growth of solar and wind energy, and introduce new and costly distortions to U.S. energy markets.

They also doubted the logic of the rule, saying that power plants rarely went down because they didn’t have enough fuel on hand. The Rhodium Group, an economics-research firm, found that only 0.00007 percent of U.S. power-outage hours between 2012 and 2016 were caused by a lack of available fuel.

Energy economists and environmental groups also maintained the rule would effectively subsidize carbon-dioxide pollution, which causes global warming. “Doing nothing [about climate change] is already not merited by economics,” Michael Greenstone, a professor of economics at the University of Chicago, said in October. “This is like doubling down.”

Worst of all, critics said, the plan would spike Americans’ electricity bills. The energy-consulting group ICF estimated that the rule would cost ratepayers an extra $800 million to $3.8 billion every year.

In a statement on Monday, FERC thanked Perry for his attention to grid resiliency and said it would continue to research and pay attention to the issue. But individual commissioners were more cutting in their replies.

“The proposed rule had little, if anything, to do with resilience, and was instead aimed at subsidizing certain uncompetitive electric generation technologies,” said Richard Glick, a Trump-appointed FERC commissioner, dubbing the plan “a multi-billion dollar bailout targeted at coal and nuclear generating facilities.”


That toad Robert Murray who has been a Trump supporter extraordinaire and who probably stood to personally benefit more than anybody pulled a full Trump by declaring it wasn't his failure. And like Trump he's lying.

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Robert Murray, the CEO of the coal-mining company Murray Energy—which appeared to benefit more than any other firm from the rule—told reporters in November that he “had nothing to do” with the proposal.

“This was done by the Trump administration,” he said. “I didn’t have any involvement.”

But in December, the reporter Kate Aronoff of In These Times obtained photos of Rick Perry and Robert Murray meeting in a Department of Energy office in March 2017. In the photos, Murray appears to be presenting a thick “coal action plan” to Perry. At the top of this apparent policy wishlist? A bullet point that new FERC policies should favor “base-load generating assets, especially coal plants.”

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#8 LFC

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Posted 23 March 2018 - 02:23 PM

View PostHockeyDon, on 27 August 2017 - 06:25 AM, said:

Speaking of Murray, did anyone see (or post) the response to his lawsuit against John Oliver? It's brilliant.

https://www.document...9902323086.html

Just scroll through it for the bold parts. Hilarious.

He continues his erratic, inappropriate behavior and gets smacked down by the judge who ruled against him.

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The West Virginia coal baron whose practices were mocked by John Oliver and a giant squirrel sent a hilarious letter of protest to the judge who dismissed his defamation suit, according to the ACLU of West Virginia.

Bob Murray was labeled “a geriatric Dr. Evil” in an episode of Oliver’s HBO show, which highlighted incidents like a 2007 collapse caused by unauthorized mining practices in Utah which killed six miners, and which Murray claimed at the time was caused by an “earthquake.”

“The jobs of our 6,000 coal miners depend on me and my reputation,” the letter said. “I am a dying old man, but our employees will suffer as a result of your decision.”

Murray also complained of getting mocked by the show’s fans in letters that said things like “consume defecation, Bob” and “congrats on having HBO make you look like a big fat lardass loser in court. Idiot.”

The judge noted that Murray’s letter constituted improper contact with the judge, and the judge warned Murray and his attorneys to not send another lest he face sanctions from the court.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#9 Rich T Bikkies

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Posted 23 March 2018 - 02:42 PM

View PostHockeyDon, on 27 August 2017 - 06:25 AM, said:

Speaking of Murray, did anyone see (or post) the response to his lawsuit against John Oliver? It's brilliant.

https://www.document...9902323086.html

Just scroll through it for the bold parts. Hilarious.

The Table of Contents alone is a hoot!
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#10 LFC

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Posted 01 June 2018 - 05:12 PM

The Trump administration is still trying to bail out coal. Arnold Schwarzenegger tweets this:

Quote

Arnold
@Schwarzenegger
I eagerly await the administration’s regulations protecting pagers, fax machines, and Blockbuster.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#11 AnBr

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Posted 01 June 2018 - 09:17 PM

I grow to like Arnie more and more over time.
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#12 D. C. Sessions

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Posted 02 June 2018 - 10:42 AM

Some people are better ex-Presidents than Presidents (Nixon and Carter notably, maybe Pappy Bush.) No reason the same shouldn't be true for governors.
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#13 HockeyDon

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Posted 03 June 2018 - 06:11 AM

Even going into his first election attempt, he was described more as 'fiscally conservative, moderate on social issues." Perhaps he sees bailing out a dying industry as less than fiscally conservative.
Well, fuck.

How can I be expected to distinguish BS from reality when so much of my reality is utter BS?!

"There seems to be a lot of people dying of ignorance while living in the information age." my sister-in-law.

#14 andydp

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Posted 03 June 2018 - 07:25 AM

View PostAnBr, on 01 June 2018 - 09:17 PM, said:

I grow to like Arnie more and more over time.

Like the song says: When you got nothin', you got nothin' to lose. Yes he can speak his mind just like Speaker Boehner is doing.
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#15 DCoronata

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Posted 04 June 2018 - 05:27 AM

View Postandydp, on 03 June 2018 - 07:25 AM, said:

Like the song says: When you got nothin', you got nothin' to lose. Yes he can speak his mind just like Speaker Boehner is doing.
And the next lyric is "you're invisible now, you got no secrets to conceal." Yeah, once out of power, there's no reason to hide the truth unless you've got something to conceal.
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#16 LFC

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Posted 28 January 2019 - 10:20 PM

Coal continues its (too) slow death in the U.S.

Quote

A funny thing happened during an unusually cold period in November. Eastern coal generation fell compared with the year before.

Normally, falling temperatures would prompt power companies to fire up their coal plants.

Not in 2018.

The experience sums up the industry's challenges. Even as coal prices rose and exports boomed last year, coal plant retirements flirted with all-time highs. About 5 percent of the U.S. coal fleet flicked offline in 2018, making it the second-highest year ever for coal plant retirements.

The shutdowns defined the industry's year. President Trump tried and failed to subsidize faltering coal-burning facilities (Greenwire, Jan. 9, 2018). Utility coal consumption fell to a multidecade low. And power companies announced ambitious plans to close coal plants early and slash carbon emissions (Climatewire, Dec. 5, 2018).

"I think one of the major stories is there seems to be a watershed moment for utilities and their thinking about the future," said Matt Preston, who tracks the coal industry at Wood Mackenzie, a consultancy. "It seems that the utilities have embraced a carbonless future and proposed drastic emissions reductions. That is a huge turnaround in thinking."

The retirements are all the more notable given the Trump administration's attempt to reverse the industry's decline. The Department of Energy proposed subsidizing coal and nuclear plants that stored fuel on-site, only to see its plan shot down by the Federal Energy Regulatory Commission.

EPA eliminated carbon-capture requirements for new coal plants, made it easier for power companies to upgrade old ones and relaxed carbon limits for existing coal facilities.

Yet the shutdowns continued. Power companies closed some 14 gigawatts of coal capacity at 20 plants in 2018, a figure that does not include plants that were idled or switched to natural gas.

U.S. coal consumption slumped to 691 million tons for the year, according to U.S. Energy Information Administration projections. That's the lowest since 1979.

The retirements were driven by changing economics. A host of utilities said it's now cheaper to build wind or solar facilities than it is to run existing coal plants.

"It provides a pretty clear signal of how risky it is to own a coal asset," said Mike O'Boyle, director of electricity policy at Energy Innovation, a think tank that advocates for a transition to clean energy.


Coal exports on the other hand...

Quote

Yet not all the news was bad for coal in 2018.

Exports are expected to total 110 million tons for the year, nearly double 2016 levels and nearing the record 125.7 million tons of coal shipped abroad in 2012. The surge has been aided by consumption in India and cutbacks in Chinese coal production.

At home, rising exports helped rally coal prices. CSX coal prices were roughly $74 per ton in December, up from a summertime low of $58.15 per ton. That helped mitigate the effects of falling domestic consumption.

"I would say export has been the big story supporting prices," said Joe Aldina, director of coal analytics at S&P Global Platts. "We saw gas prices flat or lower for much of the year, but at the same time we saw coal prices generally move higher on exports and on some producer discipline."

Indeed, 2019 is likely to be a better year for America's coal miners.

Exports will likely remain strong, and the domestic picture is improving. The cold November weather means utility stockpiles are running low. Another cold snap could push power companies into the market for coal.

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#17 LFC

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Posted 14 February 2019 - 03:43 PM

Trump and McConnell are still trying to pick winners and make consumers pay for it with a hidden tax in the form of higher rates.

Quote

A federal utility board voted Thursday to close a coal-fired power plant in Kentucky, despite objections from President Donald Trump and U.S. Senate Majority Leader Mitch McConnell, in a move the board says will save its more than 10 million customers $320 million.

The Tennessee Valley Authority voted to retire the remaining coal-fired unit at the Paradise Fossil Plant along the Green River in Muhlenberg County, Kentucky. The decision could put 131 people out of work and could affect an additional 135 people who work in nearby coal mines that supply the plant.

The board also voted to close the Bull Run Fossil Plant near Oak Ridge, Tennessee, by December 2023.

“It is not about coal. This decision is about economics,” TVA CEO Bill Johnson said. “It’s about keeping rates as low as feasible.”

" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#18 LFC

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Posted 23 August 2019 - 07:29 PM

This is practically a case study in why coal is dying and will continue to die. No, it's not regulations actually making them pay for the costs they create. It's just not economically sound on its own anymore. I actually did work at this plant in the 90s. It's a "mine to mouth" operation with electricity being transmitted from eastern Montana to the West Coast. The entire town of 2,000+ people was built up around the plant so as the plant goes so goes the town.

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Talen Energy in June announced the early closure of part of its Montana Colstrip power plant, the sixth-largest source of greenhouse emissions in the U.S. Two of the plant’s four coal-burning units are to be shuttered at the end of this year. The plant, and now its closing, are emblematic of the struggle between the fight to save coal communities and the inevitable economic forces plucking away at coal’s one-time dominance of American energy.

The Colstrip plant has four units, each its own power plant. The two oldest units, Units 1 and 2, are closing in light of insurmountable headwinds. They emit so much pollution that under federal law they are not permitted to operate unless the relatively cleaner units are also running and the net pollution then can be averaged-out. These 43-year-old units are also expensive to run compared to the amount of power they generate, so they are seldom used.

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Rising costs are ‘an unfortunate pas de deux, with both parties locked into a downward spiral.’

The power plant is fed by the nearby open-pit Rosebud mine, owned by Westmoreland Coal Company. Westmoreland recently emerged from Chapter 11 bankruptcy and needs to raise prices in order to keep the Rosebud mine solvent. But increasing the cost of coal tips the economic balance of the power plant still further into the red. It’s an unfortunate pas de deux, with both parties locked into a downward spiral.

This same story is repeating itself elsewhere across the U.S. in a transition that is celebrated by environmental advocates and considered a “war on coal” by President Trump and many elected Republicans. Montana’s Republican Senator, Steve Daines, echoed a familiar refrain in his press release about the Colstrip closure, claiming “yet another example of the devastating impacts of extreme environmental regulations, fringe litigation, and partisan politics.”

Divisive finger-pointing may seem a tempting response, but let’s dig a little deeper. Are environmental regulations and fringe litigation to blame for coal’s downturn? In short, the answer is no. The real answer comes down to simple economics, as illustrated here in six short points.

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#19 Traveler

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Posted 26 August 2019 - 11:17 AM

Ah, but those economics are indeed driven by environmental concerns. They just couldn't pass legislation revoking the Clean Air Act.
"Men occasionally stumble over the truth, but most of them pick themselves up and hurry off as if nothing had happened."-- Winston Churchill
"Anyone who has the power to make you believe absurdities has the power to make you commit injustices" Voltaire

#20 indy

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Posted 26 August 2019 - 12:03 PM

LCOE (= LEVELIZED COST OF ENERGY--average cost of producing electricity, including capital, operations, maintenance, fuel, financing) for coal is now twice that of solar/wind. The costs for the last two are half of what they were five years ago, while coal is pretty much the same.

Coal is dead as a door nail.





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