Peabody CEO calls on Congress to help solve U.S. electricity crisis
Peabody Energy Chairman and Chief Executive Officer Greg Boyce has called on political leaders and Congress to support a five-point plan to help solve the U.S. electricity crisis, put energy policy back on track and accelerate a transition toward a low-carbon economy.
 |
|
Peabody Energy CEO Greg Boyce |
This past year was the most expensive year ever for electricity in the United States, and record prices are continuing in 2015. U.S. electricity rates have increased 53 percent since 2000.
Boyce said the increase in power prices has accelerated in recent years largely due to policy actions that have forced utilities to use less coal and take on high renewable mandates, increasing use of the highest-cost form of electricity. Wind and solar also are heavily subsidized, receiving well over $85 billion in incentives during the past 60 years even though they provide only about 5 percent of U.S. electricity.
Boyce's five-point plan recommends:
- Recognizing the tremendous impact of energy policy on all citizens and the importance of keeping energy available, reliable and affordable. Any new policy recommendation should show how energy access is increased and energy affordability is strengthened.
- Embracing a true "all of the above" energy strategy that recognizes quantifiable benefits and limitations for each fuel alternative.
- Supporting continued investment in clean coal technologies to minimize emissions and drive down costs, which offer a dramatic success story in the United States: Coal used for power has increased 165 percent since 1970 while key emission rates have taken a steep, 90 percent decline.
- Promoting development bank funding to expand broad electricity access in emerging markets. Electrification through coal is an answer to stop degradation of the natural environment and help alleviate energy inequality.
- Accelerating development of next-generation carbon capture utilization and storage (CCUS) technologies that will achieve large emission reductions. Given the world's ambitious carbon goals, CCUS will play an essential role in reducing emissions for both coal and gas. CCUS should enjoy policy parity with other low-carbon energy options.
"Advancing social and economic progress should be our overriding goals. We must put in place a technology path for long-term improvement in carbon emissions that will enable us to use more coal more cleanly delivering major results right now," said Boyce.
For more:
- visit this
website
© 2015 FierceMarkets, a division of Questex Media Group LLC. All rights reserved.