President Donald Trump on Wednesday ordered the Defense Department to purchase power from coal plants, his latest effort to revivte an industry that has struggled to compete against cheaper energy resources.
Trump signed the executive order at a White House event attended by Peabody Energy
CEO James Grech. The order directs the Pentagon to secure long-term power purchase agreements with coal plants for military installations.
“We’re going to be buying a lot of coal through the military now,” Trump said. Shares of Peabody rose 4% in extended trading.
The president said he also directed the Department of Energy to issue funds to keep coal plants open in West Virginia, Ohio, North Carolina and Kentucky.
