For the second year in a row, construction did not begin on a single new coal-fired power plant in the U.S. in 2010, reflecting a growing shift toward natural gas and renewable energy. The Washington Post reports that a combination of new shale gas discoveries, low natural gas prices, the recession, and opposition from environmental groups has impeded the construction of new coal power plants. “Coal is a dead man walkin’,” said Kevin Parker, global head of asset management at Deutsche Bank. “Banks won’t finance them. The EPA is coming after them… And the economics to make it clean don’t work.” Despite helping to kill climate legislation in the U.S. Congress last year, the coal industry faces long-term pressures — including efforts in half of the states to reduce greenhouse gas emissions — that are likely to lead to the phasing out of older coal plants and limited construction of new ones, the Post reported. From 2000 to 2008, construction started on 19 coal-fired power plants, but last year utilities abandoned plans to build 38 new ones while announcing they would retire 48 aging plants.
Building of Coal-Fired Plants Continued to Lag in 2010 in the U.S.
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