The market has spoken: Coal is dying
New York (CNN Business)President Donald Trump has gutted regulations on the coal industry, falsely claimed that windmills cause cancer and installed a former coal lobbyist to lead the EPA.
In the face of those efforts to rescue coal country, America's aging fleet of coal-fired power plants continues to shrink. New coal plants are not getting built.
The economics have been front and center on this transition."
Trump's vow to rip up environmental rules has been overwhelmed by an even more powerful force: the free market. Coal just can't keep up with dirt-cheap natural gas and increasingly affordable renewables.
"It's hard to see any scenario where coal rebounds," said Joe Aldina, manager of coal research at S&P Global Platts Analytics.
Approximately 15% of America's coal fleet has been retired since 2017, the year Trump took office, according to Platts.
Good! This is a good step for the planet, alternatives are cheaper and investing in coal is been seen as high risk by investors. Now the rest of the world has to catch-up.