How Burning Wood, Once a Viable Power Source, Fell Out of Favor in the U.S. [Yahoo! Finance News]
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Source: Yahoo! Finance News
Bloomberg) -- Out in the Piney Woods of East Texas, on the outskirts of a town that’s supported a thriving logging industry for more than a century, there’s a hulking power plant for sale. But it hasn’t run since 2015 and never turned a profit. The most likely outcome is getting bought, dismantled, and hauled off to some place where producing electricity from burning wood makes economic sense; the numbers don’t work here anymore.The cold, dark facility in Lufkin, Texas, is a biomass plant. Biomass was once considered a moneymaker, but even in a region surrounded by four national forests, it’s no longer profitable. Biomass generates only 1% of the electricity in the U.S., and its downfall illustrates just how potent cheap natural gas and tax breaks are when it comes to shaping American electricity markets.It’s a different story in other parts of the world, where biomass is supported by climate policies and government subsidies. Utilities in Europe are converting old coal facilities to
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