WYOMING — A recent research note by global finance service, Morgan Stanley projects that the U.S power grid will run on renewable energy resources by 2033.
The company believes coal-fired power will likely disappear as the push for a carbon-free electricity system gains strength. In April of 2020, Morgan Stanley announced it would no longer finance new coal plants or the expansion of existing operations.
Currently, in Wyoming, there are sixteen coal mines in operation in three counties. The majority of the coal produced comes from 10 mines located in the Powder River Basin.
According to the Wyoming State Geological Survey, Wyoming produces the most coal in the nation, sending over 91% of the coal produced in the state to 26 other states. The majority is sent to coal-fired power plants in Texas, Missouri, and Illinois.
Coal will be replaced largely by renewables, which will supply 39% of U.S. electricity in 2030 and 55% in 2035, according to the Morgan Stanley report.
According to the Wyoming State Geological Survey, Wyoming’s coal mines account for almost 40 percent of U.S coal production.
Coal supplied about 20% of U.S. electricity last year and may rebound to as much as 22% in 2021 as higher natural gas prices prompt utilities to shift their fuel mix, according to Energy Department forecasts.
This short-term rebound won’t be enough to overcome the global shift toward cleaner sources of electricity, especially under the leadership of President Joe Biden. He has pledged to make the U.S carbon neutral by 2050, relying heavily on solar and wind renewables.
Gas prices may climb 48% this year, which “drives coal generation and the sector’s carbon footprint to increase in 2021 but we continue to project a constant decline thereafter,” Morgan Stanley analysts said in the report.
Michael Bloomberg, the founder, and owner of Bloomberg LP has committed $500 million to launch Beyond Carbon, a campaign to close the remaining coal-powered plants in the U.S by 2030.
In 2019, 5,319 people in Wyoming worked at coal mines.
