The WSJ energy blog points out that skyrocketing demand for coal in the developing world is rapidly driving up the commodity price. (And WSJ proper points out that rising prices for coal mean rising prices for steel.)
… Michael Fraser said it is unlikely any new coal generators will be built without significant improvements in technology and the ability to capture and store carbon.
Mr Fraser says he is accelerating the company’s investment in wind, hydro, and gas power in anticipation of a carbon-constrained future and that policy will require selling existing assets.
Say it with me, kids: Coal isn’t cheap.