Obama Succeeds: GenOn to Shut Down 7 Coal-Power Plants Due to EPA Regulations
March 1, 2012 by Scotty Starnes
Well, Obama said he would bankrupt the coal industry and it looks like he is succeeding. Obama couldn't get his radical cap-and-trade scheme through a Democrat-controlled Congress, so he used his radical EPA to regulate coal plants out of business. Obama wants high energy prices in order to make green energy more attractive.
(Reuters) - U.S. power generator GenOn Energy Inc on Wednesday said it would deactivate 3,140 megawatts of mostly coal-fired generating capacity in Pennsylvania, Ohio and New Jersey by 2015 due to more stringent federal environmental regulations.
Over the past few years, energy companies have announced the shutdown or planned retirement of more than 30,000 megawatts (MW) of coal-fired generation due to proposed more stringent federal environmental regulations, weak power market conditions and record switching from coal to natural gas-fired generators as gas prices hold near 10-year lows.
In its earnings release, GenOn said it would shut the units, which are all located in the PJM power grid, between June 2012 and May 2015 because forecasted returns on investments necessary to comply with environmental regulations were insufficient.