Trump plans $700 million investment in new coal plants and terminal

MoneyWatch Trump to announce $700 million investment in new coal plants and export terminal .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham June 4, 2026 / 10:34 AM EDT / CBS News Add CBS News on Google The U.S. plans to step up its investment in coal, as President Trump doubles down on his commitment to bolster the fossil fuel industry. Mr. Trump on Thursday is expected to announce $700 million in funding for coal plants and energy infrastructure during an afternoon Oval Office event dubbed "Beautiful, Clean Coal." A White House official confirmed the details of the plan, which was first reported by Bloomberg. Mr. Trump will invoke the Defense Production Act, a Cold War-era law that gives the U.S. president emergency authority over domestic industries, to distribute $75 million for a new coal export terminal in Oakland, California, and $425 million to support 13 existing plants across 10 states: West Virginia, Kentucky, North Carolina, Indiana, Tennessee, Arkansas, Arizona, Oklahoman, North Dakota and Wisconsin.The president is also expected to announce nearly $200 million in Department of Energy grants to build two new coal plants in Alaska and West Virginia and to restart a coal plant in Maryland. The facilities in Alaska and West Virginia would be the first new coal plants built in the U.S. since 2013. A White House official said the initiative will create thousands of jobs for miners, railroad workers, engineers and construction workers and save consumers $50 billion in energy generation costs. Mr. Trump has long championed the benefits of exploiting U.S. fossil fuel resources. Since returning as president for a second time in 2025, he has mo...