“It’s purely economic. The plant guys tried everything they could to keep it open, but it was a money loser. In a competitive market, you’ve got to take these steps. This is a coal plant operating in a market that’s flooded with cheap natural gas.”
– Allan Koenig, a spokesman for parent company of Luminant, owner of one of Texas’ largest coal plants that is being shut down
Posts Tagged "Financing & Economics"
“We have got a big appetite for wind or solar. If someone walks in with a solar project tomorrow and it takes a billion dollars or three billion dollars, we’re ready to do it. The more there is the better.”|
“Iowa has the most reliable electric grid in the country, and the average energy cost for all sectors here is the sixth cheapest in the nation.”
– Republican Iowa Gov. Kim Reynolds, in an op-ed touting her state’s embrace of wind power, which has created 9,000 jobs and generated more than $13.5 billion in investments.
“While it appears $4.5 billion is a big number, if you built a central-station generation facility like a coal unit or something like that, it would be as big or bigger, but much more risky.”
– American Electric Power CEO Nick Akins, commenting on his company’s plans to spend $4.5 billion acquiring an 800-turbine Oklahoma wind project, the biggest in the United States.
“Because of the low natural gas prices and expanded renewable generating capacity, wholesale electric market prices over recent years have frequently been too low to merit economic dispatch of coal generating capacity.”
– From the 20-year integrated resource plan filed by Boise, Idaho-based Idaho Power with the state’s Public Utilities Commission. The utility’s plans include retiring its shares in at least three coal-burning power plants throughout the West.
The Mississippi Pubic Service Commission requests a “solution that eliminates ratepayer risk for unproven technology and assures no rate increase.”
– Mississippi Public Service Commission in a news release directed at Southern Co. subsidiary Mississippi Power, in which it gave the utility 45 days to abandon its beleaguered and massively over-budget seven-year, $7.5 billion effort to construct a carbon-capture-and-storage coal-burning power plant.
“Coal’s competitive advantage is fast evaporating. It cannot compete with renewables on cost, and storage and smart management of the grid have made the need for new baseload redundant. Coal is yesterday’s technology – the only thing new coal has going for it is inertia.”
– Kobad Bhavnagri, the lead author of Bloomberg New Energy Finance’s New Energy Outlook 2017 in Asia-Pacific report.
“The whole utility paradigm has shifted. We really are doing our ratepayers a disservice by not considering all viable options.”
– Reiko Kerr, the Los Angeles Department of Water and Power’s senior assistant general manager of power systems, regarding a decision by the utility to put a hold on a $2.2 billion plan to rebuild several old natural gas power plants while it studies clean energy alternatives.
“The cost declines that we are seeing with these technologies are so steep that it becomes a matter of time as to when they start crossing over and becoming competitive in different ways. These things are getting cheaper faster than we thought even a year ago.”
– Seb Henbest, lead author of Bloomberg New Energy Finance’s latest annual New Energy Outlook report, discussing the predicted dominance of solar, renewables and lithium-ion batteries in the global energy mix by 2040.
“When [coal-fired power plants] are only running at 50 percent, the math just doesn’t pencil out. The business plans that justified them no longer exist, so they are just not profitable in current conditions.”
– Rob Godby, director of the Center for Energy Economics and Public Policy at the University of Wyoming, explaining how coal is being forced out of energy markets across the country, especially in the East, where cheaper energy like wind and hydro, always sell first on the open market.
“It’s the least cost renewable we can add to our system by far.”
– Stefan Bird, CEO of Pacific Power, whose parent company plans to build a major wind farm in Wyoming, one of several massive wind projects planned in the state to serve growing demand for clean energy on the West Coast.