Gas, like coal a decade ago, is facing economic headwinds. While it’s still the nation’s dominant fuel source, it’s less competitive against renewables than it used to be. Solar and wind are now cheaper than gas-fired power in two-thirds of the world, according to a BloombergNEF report.
In 2008-9, Coal was supposedly on the verge of a huge new buildout.
It all went belly up much faster than anyone imagined.
I had lunch with a major utility executive around that time, who was planning a big new coal plant near me. I told him I saw no need to oppose it, mainly because they had missed their window of opportunity, and if they did build it, the market was going to leave it a stranded asset very soon.
A few months later they cancelled. They’re now committed to solar, wind and efficiency.
The former vice president’s efforts to walk a tightrope on gas reflect the fossil fuel’s precarious place in the economy. For now, it’s an essential part of American life. Biden has been careful not to make an enemy of the industry, especially in the key battleground state of Pennsylvania, home to the largest U.S…
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