Trump to announce $700 million investment in new coal plants and export terminal
CBS News • • nation
Key Points:
- President Trump is set to announce $700 million in funding to support coal plants and energy infrastructure, reinforcing his commitment to the fossil fuel industry.
- The plan includes invoking the Defense Production Act to allocate $75 million for a new coal export terminal in Oakland, California, and $425 million to support 13 existing coal plants across 10 states.
- Nearly $200 million in Department of Energy grants will fund the construction of two new coal plants in Alaska and West Virginia, as well as restart a coal plant in Maryland, marking the first new coal plants since 2013.
- The initiative aims to create thousands of jobs for miners, railroad workers, engineers, and construction workers while potentially saving consumers $50 billion in energy generation costs.