ST. LOUIS, Jan. 20, 2015 /PRNewswire/ -- Peabody Energy (NYSE: BTU) today called on the U.S. Administration to support technology solutions with advanced coal as vital to protecting America's supply of clean, low-cost electricity for families and businesses.
In the words of Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce:
"It's unacceptable that we as a nation would allow growing pain at the plug to replace the pain
at the pump that has been recently eased by falling oil prices. If we are really serious about providing clean, low-cost electricity, we should be doing everything we can to support broader use of advanced coal technologies."
Coal is the nation's most abundant energy resource, supplying 40 percent of U.S. electricity at the lowest cost of any major fuel. Maintaining affordable energy access is especially important at a time when more than half of Americans have said as little as a $20 increase in their utility bills would create hardship and nearly one-third of the population, a record 115 million Americans, qualify for low-income assistance with energy bills.
The Administration should reverse its ill-advised power plant proposals, which will force soaring power costs on American families. One recent study concluded that the Administration's series of power plant regulations would cause nearly $700 in annual power and natural gas increases for the typical household in 2020 compared to 2012. These costs would continue to increase year after year.
The clear path to achieve our economic and environmental goals is continued use of today's advanced "supercritical" generation, which is being broadly deployed and is available off-the-shelf. These highly efficient, commercial technologies are essential to accelerate the transition to low-carbon, high-efficiency energy systems around the world. Each large plant also delivers an equivalent carbon dioxide benefit of removing 1 million cars from the road. Longer term, next generation carbon capture use and storage (CCUS) should be prioritized for commercialization along with development of a clear legal and regulatory path. CCUS should enjoy the same incentives as all energy sources.
The U.S. carbon-based economy also benefits dramatically from coal, which enables modern conveniences that improve health, longevity and quality of life. A study on the "social cost of carbon" concludes that the benefits from fossil fuel energy outweigh the so-called cost of carbon by a magnitude of 50 to 500 times, based on empirical data versus modeled predictions.
Peabody Energy (NYSE: BTU) is the world's largest private-sector coal company and a global leader in sustainable mining, energy access and clean coal solutions. The company serves metallurgical and thermal coal customers in more than 25 countries on six continents. Peabody was named Energy Company of the Year at the 2014 Platts Global Energy Awards. For further information, visit PeabodyEnergy.com and AdvancedEnergyForLife.com.
SOURCE Peabody Energy