Bailing coal industry-new attempt

[Cokiga Damke + 53]

Looks like the mining industry has a god friends in the Congress. After they failed to obtain bailouts for failing coal plants and mines by way of policy actions from the U.S. Department of Energy and the Federal Energy Regulatory Commission.

Larry Bucshon, a Republican from Indiana, is promoting House Bill HR 5270, the Electricity Reliability and Fuel Security Act, which would provide a bailout for the coal industry of about $3.5 to $3.7 billion per year for each of the next five years. The total would come to a total of approximately $17.5 billion to $18.5 billion in income tax credits.

Analyzing data, the bill would give owners of coal-fired power plants a tax credit for 30 percent of their operation and maintenance costs or $13 multiplied by the nameplate capacity of the plant, whichever is lesser. 

However, even though Republicans are trying to help coal industry, the plants keep shutting down.

U.S. power companies are set to unplug almost 12 gigawatts of coal-fired capacity this year, or about 4 percent of the American coal fleet.  2017 alone brought a rash of retirement announcements. The closures underscore the challenges facing Trump and congressional Republicans, who have launched a concerted effort to prop up the industry.

 

[BeamMeUp + 11]

2 hours ago, Cokiga Damke said:

Looks like the mining industry has a god friends in the Congress. After they failed to obtain bailouts for failing coal plants and mines by way of policy actions from the U.S. Department of Energy and the Federal Energy Regulatory Commission.

Larry Bucshon, a Republican from Indiana, is promoting House Bill HR 5270, the Electricity Reliability and Fuel Security Act, which would provide a bailout for the coal industry of about $3.5 to $3.7 billion per year for each of the next five years. The total would come to a total of approximately $17.5 billion to $18.5 billion in income tax credits.

Analyzing data, the bill would give owners of coal-fired power plants a tax credit for 30 percent of their operation and maintenance costs or $13 multiplied by the nameplate capacity of the plant, whichever is lesser. 

However, even though Republicans are trying to help coal industry, the plants keep shutting down.

U.S. power companies are set to unplug almost 12 gigawatts of coal-fired capacity this year, or about 4 percent of the American coal fleet.  2017 alone brought a rash of retirement announcements. The closures underscore the challenges facing Trump and congressional Republicans, who have launched a concerted effort to prop up the industry.

 

Does it need to be propped up? If more coal-fired plants shut down, will we have some sort of energy shortage in the US? Do we have sufficient energy sources to do without? The market usually determines the winners and the losers in any industry, but the energy industry might need a bit of a hand to avoid any crisis. Any budding economists here that can shed some light into this?

[Joanna + 68]

16 hours ago, BeamMeUp said:

Does it need to be propped up? If more coal-fired plants shut down, will we have some sort of energy shortage in the US? Do we have sufficient energy sources to do without? The market usually determines the winners and the losers in any industry, but the energy industry might need a bit of a hand to avoid any crisis. Any budding economists here that can shed some light into this?

 

I don't think we can do without. I believe that Energy Department is touting a new study as proof that coal use is key in order to keep houses lit and offices warm during major storm events. An analysis found that coal energy was the biggest asset to a reliable energy grid during the "bomb cyclone" that hit a number of East Coast states couple months ago. During the two-week cold snap that affected cities from the Midwest to New England, coal was the top energy provider.

 

 

 

 

 

 

 

 

[Cokiga Damke + 53]

The free market is killing coal and the government cant force it to be profitable. There's a very good reason it's being replaced by natural gas as the fuel of choice.

[Meanwhile + 49]

No, coal is not making a comeback. Who buys this propaganda?

[Stephen + 67]

16 hours ago, BeamMeUp said:

Does it need to be propped up? If more coal-fired plants shut down, will we have some sort of energy shortage in the US? Do we have sufficient energy sources to do without? The market usually determines the winners and the losers in any industry, but the energy industry might need a bit of a hand to avoid any crisis. Any budding economists here that can shed some light into this?

Half of the electricity in the United States is produced from coal. In China, two-thirds of all electricity is generated by coal. Coal is going to be around for a very long time. 

[李伟王芳 + 77]

16 hours ago, BeamMeUp said:

Does it need to be propped up? If more coal-fired plants shut down, will we have some sort of energy shortage in the US? Do we have sufficient energy sources to do without? The market usually determines the winners and the losers in any industry, but the energy industry might need a bit of a hand to avoid any crisis. Any budding economists here that can shed some light into this?

We should also look into bringing back whale oil lamps and asbestos insulation.

[李伟王芳 + 77]

Natural gas is overtaking coal for electricity production - it's cheaper, cleaner and easier to work with. More natural gas electricity generating plants are opening while coal plants are closing. It basic free markets at work. 

[Meanwhile + 49]

18 hours ago, Cokiga Damke said:

Looks like the mining industry has a god friends in the Congress. After they failed to obtain bailouts for failing coal plants and mines by way of policy actions from the U.S. Department of Energy and the Federal Energy Regulatory Commission.

Larry Bucshon, a Republican from Indiana, is promoting House Bill HR 5270, the Electricity Reliability and Fuel Security Act, which would provide a bailout for the coal industry of about $3.5 to $3.7 billion per year for each of the next five years. The total would come to a total of approximately $17.5 billion to $18.5 billion in income tax credits.

Analyzing data, the bill would give owners of coal-fired power plants a tax credit for 30 percent of their operation and maintenance costs or $13 multiplied by the nameplate capacity of the plant, whichever is lesser. 

However, even though Republicans are trying to help coal industry, the plants keep shutting down.

U.S. power companies are set to unplug almost 12 gigawatts of coal-fired capacity this year, or about 4 percent of the American coal fleet.  2017 alone brought a rash of retirement announcements. The closures underscore the challenges facing Trump and congressional Republicans, who have launched a concerted effort to prop up the industry.

 

Didn't they have some issues with the coal piles being frozen and barely usable during that event?