The last coal fired power plant in America will close in 2020, a key step towards transitioning to 100 percent renewable electricity sources, according to a new report.
The coal city of CVS will become a relic of a bygone era and the last coal-fired power plant will be the most cost effective option for the company to keep the lights on, according an analysis by Bloomberg New Energy Finance.CVS is in the midst of an ambitious plan to replace its iconic Coal City retail stores with 100 percent clean energy.
The company plans to use up to 1.5 million metric tons of energy annually from solar, wind, geothermal, biomass and natural gas, and is using the new energy to replace coal, which will soon be extinct, according the Bloomberg New Power report.
CVS, which has around 3,500 employees, expects to have about 30 percent renewable energy by 2030.
Cuts to retire the coal plant and the C.C.R.P.A., which is part of the Affordable Care Act, have prompted the U.S. Energy Information Administration to warn that coal will lose more than half its value over the next decade.
In recent years, CVS has been struggling to find customers for its more than 700 stores, as customers prefer their gas-powered, more efficient appliances.
That led to layoffs of some employees, and the company recently announced plans to close its stores by 2020.
Cincinnati’s CVS opened its doors in 1927 and the chain has been a staple of Cincinnati’s fast-growing, affluent population ever since.
The Cincinnati-based company employs more than 3,000 people and was valued at $1.3 billion in the latest financial year.
But as of last month, the company had been shedding jobs at a rate of about 1,500 per month.
Cvs, which is owned by CVS Health, has seen its stock decline more than 15 percent since the start of the year.