Today’s Wall Street Journal has a little Q&A with Greg Boyce, CEO of Peabody Energy, the nation’s largest (by output) coal company. Here’s a portion of the interview:
WSJ: Can you improve the image of coal?
Mr. Boyce: Explain to everyone how much electricity today depends on coal. I mentioned to folks here in the U.S. that we still get 42% of our electricity on coal. And they say, “Wait a minute. I thought we stopped using coal.”
WSJ: What do you say to people who say coal is dirty?
Mr. Boyce: Since 1970, coal use has increased almost 200%, yet the emissions from coal have been reduced by almost 90%. Technology has reduced what used to be the standard emissions for coal—sulfur dioxide, nitrous oxide, mercury and particulates—so the next wave of technology is what do we do to try to decarbonize and try to reduce the CO2 from coal.
WSJ: But what if Americans are willing to pay more for clean energy?
Mr. Boyce: We have 115 million U.S. citizens that qualify for some kind of low-income energy assistance. We already have a third of the population that can’t afford their utility bills. If there are people who want to use boutique and high-priced energy and can afford it, that’s great. But many people can’t even afford what we already have.
WSJ: Does the Obama administration really have a “war on coal,” as many in the coal industry allege?
Mr. Boyce: They just don’t like fossil fuels. But there are no replacements for fossil fuels at scale, at affordability. [The Environmental Protection Agency said there was no war on any fossil fuel. "We see coal continuing to be a third of our energy mix after these rules are implemented," a spokeswoman said.]
WSJ: The EPA has proposed rules to curb climate change by drastically cutting power-plant CO2 emissions. How will that affect you?
Mr. Boyce: It’s too early to tell. All I know is just about everybody doesn’t like them.Many states have already passed some kind of resolution or law saying, “Hey these aren’t going to work for us.” About 80% of U.S. businesses are saying this doesn’t make sense. The devastation in terms of electricity rates will not be tolerable.