This week, the Wall Street Journal hosted its ECO:nomics business forum in sunny Santa Barbara, California. Several CEOs and business leaders gathered together to discuss America’s energy and environmental future. How do we meet our ever-growing electricity needs, while also reducing emissions? Many leaders agreed: coal is here to stay, and we must utilize clean coal technology.
Nick Akins, CEO of American Electric Power, reiterated the importance of coal-fueled power to support our electrical grid. Utilities like AEP depend on coal, a reality that was evident during the recent ‘polar vortexes’ and throughout the frigid winter. Around 90% of AEP’s coal plants currently slated for closure was brought online to help meet demand and power through the coldest days. As Akins told ECO:nomics attendees, we need coal backing up our electricity grid because “no one likes the lights to go out.”
Akins was followed by Peabody Energy Corp. CEO Gregory Boyce. Boyce and Akins carried a similar message: coal is critical and will be an integral part of our energy mix for years to come. It is the largest source of electricity generation in the U.S. and the fastest-growing source around the world. Boyce noted that Germany, Italy, Spain and the UK are all increasing their imports of coal, and Asia has been steadily increasing its use of coal, as well.
Coal-fueled power is electrifying communities across the globe and can bring power to all those who need it most, Boyce explained. Given Boyce’s commentary at the conference, it’s not surprising that Peabody is leading a global effort to help promote coal’s role in eradicating poverty through its newly launched Advanced Energy for Life campaign.
Both Boyce and Akins stressed the importance of further developing clean coal technology. In the words of Nick Akins, “progress is being made but not enough.” Boyce pointed out that building new clean coal plants is an opportunity to decarbonize. They both agreed that coal must be a major part of our future energy portfolio to ensure reliability, while also limiting emissions with advanced technology. But, if EPA continues with its crusade against coal-based electricity, the future of clean coal technology will be effectively quashed.
Instead we should support advanced technologies and maintain low-cost, reliable power for our communities through the use of America’s most abundant source of energy – coal.