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TheStreet Open House

Peabody Energy Chairman And CEO Greg Boyce Named Chairman Of Coal Industry Advisory Board; Board Releases Report On "21st Century Coal"

Stocks in this article: BTU

ST. LOUIS, March 25, 2013 /PRNewswire/ -- Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce was today named Chairman of the International Energy Agency's Coal Industry Advisory Board (CIAB).  Boyce previously served as CIAB Deputy Chairman since November 2010.  

The CIAB is a group of chief executives and other senior-level officials from coal-related industrial enterprises around the world.  The board was established in 1979 by the International Energy Agency (IEA), a Paris-based organization operating under the Organization for Economic Cooperation and Development (OECD).

The CIAB provides a forum for its members to inform the IEA Governing Board on a wide range of issues relating to coal production, transport, trade and utilization through direct consultation and an annual program of research studies and other initiatives.  Currently the CIAB membership represents 18 countries which account for approximately 85 percent of world coal production.

"It is my honor to serve as chairman of the CIAB and I look forward to building upon the partnership which exists between the board and IEA," said Boyce.  "As chairman, I will ensure that the CIAB continues to work with the IEA Secretariat to promote global energy security and find solutions to global energy challenges."

Boyce noted that the CIAB has just published its newest report, "21st Century Coal: Advanced Technology and Global Energy Solution".  The 122-page report focuses on the technology path to achieve near-zero emissions and finds that:

  • Higher efficiency power generation from coal is the first step in lowering carbon dioxide emissions;
  • Major advancements in coal generation technology are taking place today in the areas of efficiency, emissions and costs; and
  • Advanced coal generation must be at the center of any plan to significantly reduce greenhouse gas emissions, together with the development of major carbon capture and storage projects around the world.

The report also features a case study on the flexibility of new coal-fueled power plants to maintain grid stability and uninterrupted electricity supply, and addresses the transformational potential of enhanced oil recovery to restore momentum for carbon capture technology.

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