Today's Top News
CSX chief says coal is under attack
CHARLESTON — The head of CSX Corp. - operator of one of the nation's largest coal-hauling railroads - said the country is headed toward an energy policy that would exclude coal, which "is probably one of the stupidest things you could do."
"I think where our country is headed with energy policy is abysmal," Michael Ward said Thursday during a keynote speech at a fundraiser for Concord University.
Ward is chairman, president and chief executive officer of CSX. The corporation's railroad, CSX Transportation Inc., is the largest coal transporter east of the Mississippi River. Coal accounted for 26 percent of CSX Transportation's revenue and volume last year.
"There's a move afoot among the environmentalists to block the usage of coal," Ward said. "It's probably one of the stupidest things you could do. We are the Saudi Arabia of coal. It is an abundant, low-cost energy.
"There have been a lot of environmental restrictions put on coal in the last 25 years," he said. "Emissions have been reduced dramatically. Now they're coming after CO2. There are potential technologies, carbon sequestration and other developments that can turn carbon dioxide into a useful product. We need to use innovative technologies to make it useful. We need to find ways to burn coal more cleanly.
"We're already somewhat challenged competing in the world," Ward said. "There are advocates of wind and solar. If we put in a big effort there, we might generate 5 to 10 percent of what we need at a much higher price but we'll never meet our needs. We need to build coal-fired plants and some nuclear plants as well.
"If we continue the path we are on, it will drive up the cost of heating homes, manufacturing," he said. "We need to bring some sense to what our energy policy should be."
The audience of about 110 gathered at Embassy Suites erupted in spontaneous applause.
"Hopefully President Obama and his colleagues in the House and Senate will bring a proper policy to the nation so we can have coal in its proper spot," Ward said.
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