by David Jenkins | May 6, 2021 | Renewable Energy
As conservatives, we firmly believe in capitalism and the free market. The mantra “follow the market” instinctively makes sense to us. However, to do that, we must understand and accept what the market is telling us. The energy market has always changed over time. When our country was founded, the primary energy source used was wood. Water mills also played a role for a while. Then the use of coal began to dominate starting in the late 19th century. Oil has played a big role as well, but mostly in the transportation sector. The widespread use of electricity changed the energy picture dramatically. Instead of being burned in homes, coal was used to fuel power plants. Midway through the twentieth century, nuclear power emerged as another option for generating electricity. Over the past two decades, natural gas gradually gained the upper hand over coal and nuclear as the primary fuel stock for electric power plants. Gas burns cleaner and has logistical advantages over coal, while nuclear has been hampered by cost and safety concerns. Today, advances in solar and wind energy, along with similar advances in energy storage technology have vaulted those energy options over those more traditional sources in both cost and reliability. Part of the reason this is happening is that coal and gas fired power plants have become more expensive to operate and maintain as they age. This is a big deal, because 88% of our nation’s coal-fired power plants, which have a 40-year life expectancy, were built between 1950 and 1990. The average age of our nation’s natural gas plants is 22 years old—and they...
