We don’t have a long-term energy strategy in this country, Greg Boyce, CEO of PeabodyEnergy told Cramer Tuesday.
“We don’t have a strategy that puts people first, that says that we need to have low electricity rates and low energy rates to be competitive globally as a country,” he said. “And until we put that as the forefront of our planning priorities, we are going to be behind in terms of what’s happening on a global basis.”
Boyce sat down with the “Mad Money” host just hours after reporting an in-line quarter. Peabody , which is the world’s largest coal company, also issued guidance for next quarter that was weaker than expected, but raised its full-year earnings forecast.
Cramer agreed that coal, which is a cheap source of energy, is here to stay. And he thinks BTU is the best way to play the global demand for the fuel.
Boyce also told Cramer that while there is a lot of focus on renewable energy, it still is a very small part of the electricity mix.
“The core of our supply has always been coal and that’s what we need to concentrate on,” he said, adding that he wants to take their “clean coal” to “green coal.”
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