Inspector General Thinks Obama's Coal Program a Waste
Some farce of a free-market solution.
The Department of Energy inspector general leveled criticism against a program to capture emissions from coal plants that has wasted hundreds of millions of taxpayer dollars and has yet to materialize. For the administration, however, the stakes are higher than simply running another failed program. The Texas Clean Energy Project was needed if coal plants around the country were going to comply with the Obama administration’s tough, tough rules on the industry. Without the program that is attempting to commercialize trapping emissions leaving coal plants and disposing of them underground, Obama’s regulations mandating the practice of carbon capture and sequestration would become illegal. Even though the project was started in 2010, it has not caught the eye of private investors. Furthermore, it’s still in development, with the project to go live in 2019. “The Project’s inability to obtain required commercial debt and equity financing and the adverse effect of changing energy markets on the demand for coal-based power plants raise serious doubts about the continuing viability of the Project,” the IG’s report read.
Existence of the program just proves the lengths to which the Obama administration will go to institute climate change regulation. It decreed regulation so strict there was no commercial solution coal companies could turn to. So it started a program, supposedly, to provide some farce of a free-market solution. And everyone wonders at the fact coal companies are going out of business. Remember: Hillary Clinton said she’d put coal miners and their companies out of business, only continuing what this administration has started.