Word: coaling
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Seabrook and Shoreham are two blaring indications that it may well be time to think twice about the viability of nuclear power plants-as well as of large coal-fired power plants-on economic as well as environmental grounds. In fact, many environmental groups are now adopting just this economic tack. And a growing number of studies have shown that many of the nuclear plants now under construction have little chance of ever paying for themselves...
THIS EMPHASIS on huge-and, increasingly, unreasonably expensive--power plants, whether nuclear or coal-fired, relegates other sources of power, such as conservation and the use of renewable resources, to the back burner. Under the DOE plan, conservation measures get last priority. Meanwhile, however, an experiment going on now at Hook River, Oregon, where an entire town was refitted with the latest in energy efficient insulation and appliances, seems to be proving that conservation can indeed quickly pay for itself and eliminate the need for many additional power plants...
...forever. Last week he formally teamed up with a people who have gone on forever, the Chinese. The 85-year-old chairman of Occidental Petroleum signed an agreement with the People's Republic for the largest Sino-U.S. deal yet: a $580 million venture to mine coal from a huge pit at Antaibao, 310 miles west of Peking...
...talent. China will put up another $240 million. The 30-year agreement calls for the Chinese eventually to take over management. Antaibao's 1.4 billion tons of proven reserves could make it the world's largest open-pit mine after production starts in 1987. Its high-grade coal will be sold to Pacific-basin countries, but low-quality coal will go to the domestic market...
Hammer is not concerned about the recent weak price of coal, which dropped from $52 to $40 a ton in the important Japanese market last year. He believes oil prices are on the rebound and that the price of coal will go up. In the Chinese deal, the price will be allowed to float with world supply and demand, but the miners' wages still have to be worked out. At one point, the Chinese insisted that their miners be paid $12 an hour, nearly what U.S. miners get on average. Occidental thought that was unreasonable...