Dave Roberts watched Reid pull the plug yesterday. His prediction:
Big Coal will be back begging for cap-and-trade: No, really. Right now there are EPA rules in the pipeline that are going to shut down a third or more of the existing coal fleet. No new coal plants are going to get built — they're not cost-competitive with natural gas or wind, and every one runs into a buzzsaw of grassroots opposition. In other words, carbon caps or no carbon caps, Big Coal is in trouble. Sooner or later, the industry will realize that the funding it can get from cap-and-trade, to support carbon capture and sequestration, is its only path to survival. Robert Byrd tried to tell the industry the truth before he died. Byron Dorgan tried to tell it the truth just the other day. By 2012, certainly by 2015 when many of the rules kick in, the industry will be forced to acknowledge this basic truth. And they'll come begging Congress for cap-and-trade.
Bradford Plumer makes the same point.