As DR starts up coal fired power plants the coal industry is in a death spiral

windeguy

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Jul 10, 2004
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Tens of thousands of miners were on strike and coal prices were skyrocketing in October 1902. Afraid of unrest, President Theodore Roosevelt sought the help of John Pierpont Morgan.

The powerful banker, who held great sway over the coal industry, brokered a deal with the miners that ended the strike.

“My dear sir,” the president wrote to Mr. Morgan. “Let me thank you for the service you have rendered the whole people.”

America’s coal industry is now facing another dark hour, but this time there are few financiers willing to save it.

Mr. Morgan’s bank, now JPMorgan Chase, announced two weeks ago that it would no longer finance new coal-fired power plants in the United States or other wealthy nations. The retreat follows similar announcements by Bank of America, Citigroup and Morgan Stanley that they are, in one way or another, backing away from coal.

While coal has been declining over the last several years, Wall Street’s broad retreat is an ominous sign for the industry.

“There are always going to be periods of boom and bust,” said Chiza Vitta, a metals and mining analyst with the credit rating firm Standard & Poor’s. “But what is happening in coal is a downward shift that is permanent.”


Peabody Energy Warns of Possible Bankruptcy Filing MARCH 16, 2016

On Wednesday the world’s largest private-sector coal company, Peabody Energy, said that it might have to file for bankruptcy protection, following a path already taken by three of the nation’s other large coal companies.

http://www.nytimes.com/2016/03/21/b...0160321&nl=todaysheadlines&nlid=42303622&_r=0
 

windeguy

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Note to the DR - Timing is everything. How about those new coal power plants?
 

Conchman

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Note to the DR - Timing is everything. How about those new coal power plants?
I think its a good move for the DR. Coal prices are getting very cheap and its one of the most reliable and stable forms of electricity supply. USA and Europe moving away from coal has decreased demand and coal is still widely abundant around the world. New technology has greatly decreased the amount of pollution from coal fired plants and while coals still is 50% of power supply in the US, the air is getting better (according to EPA data). It is much more environmentally friendly than thousands of home generators running on Diesel when the grid is down.
 

pauleast

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Abundant natural gas is another reason for coals' decline in popularity. Natural gas is why T.Boone Pickens got out of wind energy and says he will never get back in.
 

windeguy

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Agreed that the DR needs energy any way it can get it, including coal. Hopefully there will be a supply of coal after these coal mining companies go bankrupt.
 

Ecoman1949

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Oct 17, 2015
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Agreed that the DR needs energy any way it can get it, including coal. Hopefully there will be a supply of coal after these coal mining companies go bankrupt.
The coal mining industry in Cape Breton Nova Scotia is down to one mine. In its heyday it employed thousands. Simple economics was its demise. Cheaper better coal (low sulfur content) is readily available from numerous countries. The electrical generating plants in Nova Scotia switched to imported coal years ago.

Recent gas discoveries off the cost of Sable Island Nova Scotis are now piped ashore and some of the plants in Nova Scotia are now gas fired.

The newest cheapest product is a liquified form of coal available from a few Central American countries. A sort of coal soup. Easy to burn but a big environmental risk in the sense that it sinks quickly in the marine environment and can't be cleaned up easily like oil floating on the water surface. We tested it in Canada after a generating plant in New Brunswick filed an application to burn it.

Coal fired plants can be quickly adapted to burn anything, sorted landfill waste, used tires, or other biomass forms. The issue with that is the potential release of very toxic pollutants, PCP's, PCB's, and PAH's. All hydrocarbon based environmental pollutants.The technology exists to mitigate the impact of these pollutants but it is costly. Retrofitting new plants is more feasible than retrofitting older plants.
 

Meemselle

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Oct 27, 2014
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I simply cannot believe they are doing this. The sun shines 350 days a year and there is this thing called solar power. They even have it on the New Jersey Turnpike.
 

Derfish

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I simply cannot believe they are doing this. The sun shines 350 days a year and there is this thing called solar power. They even have it on the New Jersey Turnpike.
I believe that studies have proven that solar power panels cost more to construct energy wise than they produce in their ueful life producing energy. Nope, sorry I cannot dig up any proof myself for us here, but have read that as well as the same thing for power producing windmills.
Der Fish
 

Conchman

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I simply cannot believe they are doing this. The sun shines 350 days a year and there is this thing called solar power. They even have it on the New Jersey Turnpike.
Solar power is many times more expensive than coal or LPG. It only works in countries where tax payers are willing to pay the losses via subsidies (more taxes) or higher power rates. Solar power is useful in places where there is no power grid connection, but who does not have a cell phone on the NJTP ? What are they powering on the turnpike?
 

Ecoman1949

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One of the few skills in which Dominicans lead the world in experience.
Got a good laugh out of that comment. Happens elsewhere. In Newfoundland, a former British colony, we still celebrate Guy Fawkes night. A opportunity to add a tire or two to the bonfire. I stay well clear and upwind. I'm fully aware of the toxics created by burning rubber. The thoughts of mutating at my age and growing an extra testicle doesn't appeal to me.LOL!