ST. LOUIS, Aug. 3, 2015 /PRNewswire/ -- Peabody Energy
today urged further action by courts, Congress, states, consumer
groups and industrial/residential electricity customers to turn
back the Environmental Protection Agency's (EPA) rules to reduce
carbon dioxide emissions on electricity generating plants.
Studies show the rules will punish American families and
businesses with higher energy costs and damage electric
reliability, while having no notable benefit even under climate
theory. They would put our energy system at serious risk and
further slow our nation's tepid economic growth. A technology
path – not artificial caps and taxes – is the far better approach
to address carbon concerns over time.
It is clear to us that the rules fail on legal, policy and
practical grounds. Unprecedented early opposition to the rules has
been advanced from members of Congress, governors, legislatures,
attorneys general, and business and consumer groups.
Americans need relief from "pain at the plug" costs given record
electricity rates even amid reduced oil and natural gas
prices. Coal provides some of the lowest cost electricity in
America and the economy, jobs and households will suffer if these
rules move forward. Jurisdictions including Europe, Australia, Ontario and California that have tried such policies have
suffered soaring electricity costs and economic harm.
The Administration is forcing utilities to increase use of
renewables and other high-cost fuels, driving up electricity prices
to new records. This past year was the most expensive year ever for
electricity in the United States,
and electricity rates have increased at twice the pace of household
incomes since 2000. Mandating greater reliance on expensive,
heavily subsidized renewables, which the plan will require, is also
not the solution. After more than 60 years of propping up
renewables with over $85 billion in
subsidies, wind and solar only provide about 5 percent of U.S.
electricity.
America's energy policy should be guided by the dire need for
affordable energy faced by more than 100 million Americans who
qualify for energy assistance. More than half of Americans also
have said as little as a $20 increase
in their monthly utility bill would cause hardship.
Peabody believes that we can achieve our environmental goals
today with an alternative policy path:
- Insistence on low-cost electricity;
- Investment in efficiency improvements at existing plants;
- Deployment of high-efficiency low emissions supercritical coal
plants; and
- Greater research and development to commercialize
next-generation coal technologies including carbon capture, use and
storage.
Today's advanced supercritical coal plants are in broad use
globally and are equipped with technologies that can drive key
emissions rates that are 75 percent lower than the U.S. coal fleet
average. They also deliver a carbon dioxide emissions rate that is
as much as 25 percent lower than the oldest coal plants in the U.S.
fleet. Every new large supercritical plant offers the equivalent
carbon benefit of removing 1 million cars from the road.
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. For further information, visit PeabodyEnergy.com and
AdvancedEnergyForLife.com.
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CONTACT:
Vic Svec
(314) 342-7768
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SOURCE Peabody Energy