September 19, 2020 Read More →

Wyoming needs to stop its tether to ‘beloved but clearly doomed King Coal’

Laramie Boomerang:

Every time I think Wyoming can’t deceive itself further, contorting all reason to justify keeping the ventilator running on its dying coal industry, politicians prove me wrong.

It’s time for Gov. Mark Gordon and state lawmakers to face reality and let nature — in this case the natural laws of free-market economics — take its course. They have no business tethering the fate of Wyoming taxpayers, ratepayers and the state’s largest utility to that of the dearly beloved but clearly doomed King Coal.

PacifiCorp plans to retire several of its aging coal-fired power plants ahead of schedule and invest about $4 billion in new wind energy, transmission and battery storage projects in Wyoming. The company estimates the switch could save up to $599 million across its six-state operating region.

DOE’s report would have more credibility if its findings didn’t fly in the face of what happened at Petra Nova in Texas, the nation’s only commercially operational CCUS project before it was mothballed this year.

The $1 billion project near Houston captured less than half of carbon dioxide emissions during the first quarter of 2020, not the consistent 90% figure claimed by owner NRG Energy.

The project likely could not have survived its three years in operation without a $190 million DOE investment and $250 million in loans from a Japanese bank.

“Proponents of these projects are selling an unproven dream that in all likelihood will become a nightmare for unsuspecting investors,” states an Institute for Energy Economics and Financial Analysis report on Petra Nova.

[Kerry Drake]

More: Wyo tilts at windmills to save coal; let’s embrace them instead

Posted in: IEEFA In the News

Comments are closed.