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Wall Street isn't sure coal's a winner in Trump's Paris climate withdrawal
Wall Street isn’t sure coal’s a winner in Trump’s Paris climate withdrawal
By Tim Loh
Bloomberg June 1, 2017
U.S. coal shares tumbled as President Donald Trump was said to be leaning toward exiting the Paris climate agreement. ... Wait, what?
“You’d think everyone would be excited,” Michael Dudas, a coal analyst at Vertical Research Partners, said by phone on Wednesday. “But there’s red on my screen.”
Why aren’t coal miners surging? ... For one thing, according to Dudas, Wall Street sees more pressing matters facing U.S. coal here at home than the global climate accord. Those include the explosive growth of natural gas-fired power plants and renewable energy and the fact that U.S. electricity demand is no longer growing.
What’s more, Trump’s already convinced investors -- by rolling back regulations including one that was meant to protect streams from the effects of mining and picking climate-change skeptic Scott Pruitt to run the Environmental Protection Agency - that U.S. coal demand isn’t about to fall off a cliff. ... “The reality is, those were more important issues for coal producers and coal users in the U.S.,’’ Dudas said.
By Tim Loh
Bloomberg June 1, 2017
U.S. coal shares tumbled as President Donald Trump was said to be leaning toward exiting the Paris climate agreement. ... Wait, what?
“You’d think everyone would be excited,” Michael Dudas, a coal analyst at Vertical Research Partners, said by phone on Wednesday. “But there’s red on my screen.”
Why aren’t coal miners surging? ... For one thing, according to Dudas, Wall Street sees more pressing matters facing U.S. coal here at home than the global climate accord. Those include the explosive growth of natural gas-fired power plants and renewable energy and the fact that U.S. electricity demand is no longer growing.
What’s more, Trump’s already convinced investors -- by rolling back regulations including one that was meant to protect streams from the effects of mining and picking climate-change skeptic Scott Pruitt to run the Environmental Protection Agency - that U.S. coal demand isn’t about to fall off a cliff. ... “The reality is, those were more important issues for coal producers and coal users in the U.S.,’’ Dudas said.
