Buffett's Berkshire Hathaway runs the dirtiest coal-fired power plants in the US
(reuters.com)16 points by MilnerRoute 14 hours ago
16 points by MilnerRoute 14 hours ago
That’s great. I’m glad to own stock in a company that complies with what US environmentalists, who oppose nuclear and wind, implicitly support.
They need to shut them down, but this would mean they’d lose money on their investment not paid back (unless securitized, where bonds are issued to buy out the remaining debt to shut them down, and ratepayers paying that off over the next 20-30 years).
Every coal plant in the US is uneconomical to continue to run (vs replacing with renewables) except the one in Dry Forks, WY.
https://cleanenergyforum.yale.edu/2022/01/17/explainer-how-c...
https://energyinnovation.org/report/the-coal-cost-crossover-...
Saving the planet is not in the corporate charter, sorry.
I don't think Buffett himself chose these investments, so it's just namebaiting to mention him in the headline. Since these plants run at a loss (coal power in the US is notoriously lossy), I'd say they're either part of a larger energy portfolio or they're a strategic investment in anticipation of dropping in a modular nuclear reactor. There's quite a compelling business case for converting older coal-fired stations this way, as most of the infrastructure (steam turbines, transformer yards, HV transmission lines) is already in place.