AI’s thirst for electricity risks slowing US coal phaseout

But analysts cautioned against equating reports of coal plant retirement delays to higher generation

Good morning and welcome back to Energy Source, coming to you from New York. ExxonMobil easily rebuffed an attempted shareholder revolt against its board of directors yesterday, with investors overwhelmingly voting to re-elect all 12 members. The attempted revolt was in protest over the oil major’s lawsuit against two climate-focused investors. “Today our investors sent a powerful message that rules and value-creation matter,” Exxon said in a statement following the results.

“We have a perfect reliability storm that’s brewing,” said Bill Scherman, partner at Vinson & Elkins. Randall Atkins, the former chair of the now-defunct National Coal Council and chief of Ramaco Resources, called the Biden administration’s policies “shortsighted” and warned they risked creating a shortfall in reliable power to manage the intermittent nature of renewables.

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