Coal power costs more in damages than the electricity it produces is worth
Coal is estimated to cause $53 Billion a year in damages to America. That's every year.
Once you strip away the econ jargon, the paper finds that, on the margin, electricity from coal imposes more damages on the U.S. economy than the electricity is worth. That’s right: The next coal-fired power plant is a net value-subtraction. A parasite, you might say, that will enrich a few executives and shareholders at the public’s expense.
If you’re of a wonky bent, it’s worth digging in. The authors try to establish a framework for integrating air-pollution costs into national accounts — that is, a systematic way of accounting for those “externalities” you’re always hearing about — and come up with something called gross external damages (GED). They calculate GED for several common industries and find that not only coal power, but “solid waste combustion, sewage treatment, stone quarrying, [and] marinas” have air-pollution externalities that exceed their total value added.
But coal power is a parasite in a class by itself, with a GED equal to the combined totals of its three closest competitors. In fact, coal plants “are responsible for more than one-fourth of GED from the entire U.S. economy” — roughly $53 billion in damages a year.