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Bloomberg News: A miner’s grandson who bet on Illinois coal is making a fortune

November 1, 2010

“Contained in this article on an enterprising gentleman is the relative cost of various sources of electricity,” stated American Energy Freedom Center Chairman George Allen. “Cline is exploiting coal’s big advantage: It’s a bargain compared with most forms of green energy.”

“Coal is the backbone of reliable, low-cost power,” says Bartow Jones, managing director of Riverstone Holdings, a New York-based Carlyle Group affiliate that invested $600 million in Cline’s operations in 2007.   Power-plant coal such as Cline’s sold for $47.25 a ton on Oct. 11, about two-thirds cheaper than wind power and three-quarters the cost of solar. In the second quarter, the cost of electricity per megawatt hour from coal was $59.51, including capital and operating expenses, compared with $176.37 for power from offshore wind and $240.55 for electricity from thin-film photovoltaic cells.  At a cost of $19 a ton to mine coal last year at Pond Creek, Cline spends even less than competitors. Coal from central Appalachia averages $57 a ton to mine, Schwartz says.

Click here to read the full article on the Washington Post’s website.

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  1. Jeri Turley-Pennybaker says:

    I think Al Gore needs to invest in some really speedy running shoes! I keep wondering if he can be prosecuted for perpetrating a fraud upon the American people. He’s a liar. I’m sick about the damage he has done to how Americans are viewed in the world.

    I favor former Governor Palin’s energy ideas. Clean coal, natural gas and start drilling for oil of our own. And certainly the United States of America owes NO ONE money for the agreements drawn up in Copenhagen. I did not agree to this use of tax dollars. Who did Obama think he was up there promising away our dollars for unsubstantiated carbon footprints. Here’s a footprint up your behind sir.

  2. Audri DeBsrr says:

    Drill Baby Drill.

  3. jr says:

    Grief – we are being scared over every little
    thing from Tsunami, schools lock down, climate, ’severe’ weather every time it rains
    This is manipulation city. Yet we hear little
    about the real problems- like why health costs go up and up but nobody explains what the causes are. Or why the Credit Default Swap market increased by 500 times in 10 years.
    Also, for intermittent energy – it might make
    more sense to bring the work to where the
    windmills are than trying to connect them to
    the grid, and ditto for solar.

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