Cash for Clunkers for Coal Power Plants?

T. Boone Pickens and Ted Turner recently authored an opinion piece on the future of energy in the Wall Street Journal.  Among many opinions offered, the pair suggests a "Cash for Clunkers" program to replace the oldest and most polluting of power plants in the US.

From Pickens and Turner about the program:

Adopting a "cash-for-clunkers" program in the utility sector can save money and reduce emissions right away by retiring the oldest, least efficient and most polluting power plants in exchange for modern gas-powered plants. New coal plants should be required to combine natural gas with the coal they burn, resulting in cleaner emissions, and every power plant should meet strict carbon-emissions standards.

Plans for new coal plants in the past few years have faced a growing opposition.  Indeed, many plans for new sites have been cancelled.  But let's be real: there are still plenty of coal plants around, many reaching an old age even by coal plant standards.  This means more and more pollution for less and less power.  It's time to get these clunkers offline and make way for clean energy developments.  In the case of wind, it's getting rid of emissions that result in mercury deposition and replacing them with an energy resource that results in virtually no GHG emissions.  More incentives for clean energy investors couldn't hurt.

The pair also discussed our energy future, stating that, "Renewable energy and clean-burning natural gas are the basis of a new strategy the world needs to create a cleaner and more secure future."  Pickens, known recently for investing heavily (and delaying) in wind energy developments, has been a large advocate for harnessing the large supply of natural gas in the US.  And, according to the pair, harnessing this large supply "plus developing wind, solar and biofuel energy sources" can help to better achieve three national priorities: (i) energy security, (ii) economic security, and (iii) climate security.

Even though their energy philosophy seems to put natural gas as a front-runner, Pickens and Turner are shedding more light on energy issues that are hard to argue with:

Long-term economic and environmental interests compel us to put a priority on energy independence and a price on carbon pollution. Natural gas and renewable energy are obvious sources for cheap, clean and reliable electric power and transportation fuels.

In their op-ed, they also pledge their support for a renewable electricity standard to increase the use of renewable technologies, ensure competitive prices, and support the development of new technologies.  In addition, Pickens and Turner seem pretty aggressive about getting renewables and natural gas integrated into the transportation system immediately, citing a lack of leadership as a cause for past failure.  Overall, the duo is saying all the right things and has the big pockets to back it.  Throw in a bit of good ole American pride and you've got the public's attention:

The economic, environmental, and national security imperatives of America's energy posture are clear, as is the proven potential of domestic natural resources like gas, wind and solar power. Coupled with energy efficiency, these resources have the potential to help jump-start the economy, drive prosperity and reduce emissions well into the 21st century. The keys are in our hands. All we have to do is unlock the door and start the engine.

For a brief look into T. Boone Pickens and Ted Turner's interest in clean energy, check out this video.