Monday, December 17, 2012

Midwest Generation has Gone Bankrupt!

 http://newssun.suntimes.com/business/17073378-420/midwest-generation-parent-files-for-bankruptcy.html

How long is it going to take the American Wind Energy Association to claim MidGen is a victim of "low priced" wind energy?

Reduced demand through conservation and increased supply creates  economically priced energy.  Wind energy isn't even considered a cause or beneficiary of coal powered energy becoming less competitive in the energy business.
 
Looks like the Chicago Sun Times writer knows the obvious.  The last lines of the article says:


Coal-fired power plants have been struggling due to the low cost of natural gas.  Technological advances have made it easier to get natural gas out of the ground, and burning it creates fewer emissions. That makes natural gas plants a cheaper, cleaner option.

I remember when Warren Buffet was predicting America would be a net importer of Natural Gas.  Today, America is up to it's eyeballs in natural gas and America is an exporter of coal.  Looks like we drilled out way out of something President Obama once said Americans could not do.

Will anyone be writing about America's need to have coal in it's energy portfolio?

Will the President talk about bailing out the coal energy industry?  NO.  As I recall, President Obama bragged about bankrupting the coal industry.

Ironically economically priced energy and an abundance of natural gas is bankrupting MidGen.  Exelon knew what it was doing by selling off its coal plants and moving to only nuclear power.

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