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The Final Coal-Fired Power Plants in New England Set to Shut Down
The last two coal-fired power plants in New England are set to close by 2025 and 2028, marking the end of an era that spanned over 50 years of supplying electricity to the region. The decision to close the Merrimack and Schiller stations in New Hampshire makes New England the second region in the country, after the Pacific Northwest, to stop burning coal. This significant shift towards cleaner energy sources comes after a five-year legal battle waged by environmentalists against the New Hampshire plants.
The battle stemmed from accusations that the owner had been discharging warm water from steam turbines into a nearby river without cooling it first to match the natural temperature. In a settlement reached with the Sierra Club and the Conservation Law Foundation, Granite Shore Power, the owner of the plants, agreed that Schiller would cease operations after December 31, 2025, and that Merrimack would follow suit no later than June 2028.
“This announcement is the culmination of years of persistence and dedication from so many people across New England,” said Gina McCarthy, a former national climate advisor and environmental advocate. “I’m wicked proud to live in New England today and be here. Every day, we’re showing the rest of the country that we will secure our clean energy future without compromising.”
The closure of these coal-fired power plants signifies a crucial step towards reducing carbon emissions and transitioning to cleaner energy sources. Coal use has significantly declined in the United States as natural gas and renewable sources like wind and solar have become more affordable and accessible. While coal still accounted for about 17 percent of American electricity in 2023, analysts predict a sharp decline in the coal industry as the nation’s demand for electricity surges.
The dirty fossil fuel, coal, was responsible for 59 percent of carbon emissions from electricity in 2021, despite generating less than a quarter of the country’s electricity that year. Climate activists utilized different strategies to hasten the closure of the coal plants, including legal battles, advocacy campaigns, and market competition tactics.
The Conservation Law Foundation successfully lobbied for the separation of the company that owned the coal power plants and the utilities that distributed electricity, believing that without the subsidy and inefficiencies, the coal plants would be unable to compete with more cost-effective renewable energy sources. This strategy paid off in 2018 when Granite Shore Power acquired the plants with the intention of transitioning them into less polluting operations.
The transition of the Merrimack and Schiller power plants into solar farms and battery units that can store electricity from offshore wind turbines represents a significant shift towards a greener and more sustainable energy future for New England. With the closing of these coal-fired power plants, the region is taking a bold step towards reducing carbon emissions, preserving the environment, and securing a cleaner energy future for generations to come.
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Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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