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Welcome -- -- markets now Jeff Flock is live at one of the coal fired power plants that the president is targeted with the new regulations he joins us from that plant in Joliet Illinois and the president said.
That we are the world's largest economy but second largest carbon emitter but I don't think that's going to bring any joy.
To those people whose jobs may be on the line Jeff.
You know out of my got to give -- totally different spin on this is we maybe would be better off with wind power here today in the Chicago suburbs but here's the spin.
It could have been a lot worse according to some people of the coal industry in the coal fired plant industry this is one of the nation's 11100 coal fired plants behind me.
This one's right on the cusp of Joliet Illinois the company that runs it is in bankruptcy and they say any further regulation could put them over the limit.
And shut these plants down take a look at the perhaps the Kohl's stores at this plant we've got some pictures earlier but here's the spin on this.
Yes regulation a preliminary regulation or -- by 2014 and June.
And then maybe a final rule by 2015.
And that rule though might just say.
-- -- new regulations in or perhaps they won't take effect for several years so essentially the coal industry gets.
Two years -- they know there won't be any regulation of carbon take a look at what the coal stocks have done.
As the president was speaking they all came back around to the green take a look at individual stocks like.
Alpha natural resource is Walter had built up a little bit anyway but jump -- now about 6%.
Peabody course one of the nation's biggest coal producers on the green as well so.
I tell -- it's it's not something we've heard a lot of blood as we listen to the president this could have been worse to coal.
I would also point out that does the parent company.
This company it's -- that bankruptcy that that runs the facility behind me.
It's called Edison international and is also to the positive side a lot of these utilities I should point out.
Don't just have coal fired plants they have other ones as well so I think my headline is this could have been worse for the coal industry today.
Quick what is -- fire power plants antiquated they were making the transition to natural gas anyway.
There's -- one of the reasons that companies are -- level.
This company shut down two in Chicago that they needed to shut down and -- -- in populated areas of the city this one though.
They want to try to keep open because this when it potentially is viable.
Had to go forward unless they over regulate it.
We'll see what happens about for a while Jeff Flock live for us in Joliet Illinois thank you very much they --
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