Trump To Sign Executive Order On Coal
President Donald Trump is set to sign an executive order Tuesday that aims at boosting coal production. According to Reuters , a senior White House official and two sources told the outlet that Trump’s latest action…
President Donald Trump is set to sign an Executive Order Tuesday that aims at boosting Coal production.
According to Reuters, a senior White House official and two sources told the outlet that Trump’s latest action runs counter to global goals to reduce carbon admissions.
The Energy Information Administration has said Coal-burning plants generate less than 20% of the country’s electricity, dropping from 50% at the beginning of the century. It has been replaced by natural gas, which has seen an increase in production over the past few decades, while solar and wind power has further reduced the reliance on Coal.
During his campaign, Trump promised to increase the output of U.S. energy, and is working to pull back energy and environmental regulations since his inauguration in January.
Energy-intensive data centers for artificial intelligence, electric cars, and cryptocurrencies have significantly increased the demand on the power grid, according to Reuters.
According to the White House, the Executive Order is scheduled to be signed at 3 p.m. ET and is rumored to include efforts to save Coal plants that were set to be retired, the sources told Reuters, who spoke to the outlet anonymously.
Energy Secretary Chris Wright is also expected to be directed to determine whether Coal is a “critical mineral,” which is used in the production of steel.
Interior Secretary Doug Burgum will also be directed to end a moratorium that paused new Coal leasing, allowing private companies to buy the right to extract Coal on federal lands.
U.S. stocks in Peabody and Core Natural Resources rose by 9% after the Executive Order was announced.
Rich Nolan, president and CEO of the National Mining Association said the executive orders will “clearly prioritize how to responsibly keep the lights on, recognize the enormous strategic value of American mined Coal and embrace the economic opportunity that comes from American energy abundance.”
Environmental groups, however, are unconvinced, with Kit Kennedy, managing director for Power at the Natural Resources Defense Council saying Coal plants are “old and dirty, uncompetitive and unreliable.”
“The Trump administration is stuck in the past, trying to make utility customers pay more for yesterday’s energy,” Kennedy said. “Instead, it should be doing all it can to build the electricity grid of the future.”