economy
Trump announces $700 million investment in coal plants and California export terminal
Updated on: June 4, 2026 / 3:58 PM EDT / CBS News
TL;DR
- The U.S. is investing $700 million in coal plants and a new export terminal.
- The funding will support 13 existing plants across 10 states and two new plants in Alaska and West Virginia, plus restart a plant in Maryland.
- The Defense Production Act is being used to allocate $75 million for a coal export terminal in Oakland, California, and $425 million for existing plants.
- The administration claims the initiative will create thousands of jobs and save consumers $50 billion.
- Environmental groups argue the plan will increase pollution, raise electricity costs, and support a declining industry.
- Global clean energy generation is increasing, while fossil fuel generation has dipped slightly.