A new study suggests that railroads are likely to cut transportation prices to prop up coal-fired plants if U.S. climate policies further disadvantage coal in favor of less carbon-intensive energy sources.
A new study by University of Maryland Economist Louis Preonas provides empirical evidence that railroads are likely to cut transportation prices to prop up coal-fired plants if U.S. climate policies further disadvantage coal in favor of less carbon-intensive energy sources.
"These findings underscore the importance of looking at the whole fossil fuel supply chain," said Preonas, an assistant professor in the Department of Agricultural and Resource Economics."If policymakers ignore real distortions in the market, like monopoly power in rail shipping, their climate policy efforts may not achieve the intended results."
Preonas calculated that without the railroad's propping up of the coal industry, natural gas use would have increased even more, reducing greenhouse gas emissions by an additional 10% over current levels. Preonas also showed that railroads can only absorb a carbon tax for certain power plants. About 44% of U.S. coal-burning plants are served by a single railroad. Those plants are most reliant on their rail carrier, which means those carriers have higher profit margins and are better positioned to reduce costs to keep a coal plant operational.
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