In a recent report, Macquarie analyst Cooley May discussed recent developments in the U.S. chemical industry, including fallout from the recent Supreme Court mercury ruling. May also provided Macquarie’s outlook for a strained European ethylene market.
Mercury ruling
The Supreme Court overruled one of the Obama administration’s most ambitious environmental initiatives this week, a new Environmental Protection Agency (EPA) air quality rule that was intended to limit emissions of mercury and other toxic pollutants from coal-fired power plants.
The Supreme Court decided that the EPA did not properly consider the cost of the new regulation. However, according to May, the Mercury battle is far from over.
“Though we view this as a headwind to the EPA’s proposed limits on mercury, arsenic and acid gases emitted by coal-fired power plants, known as mercury and air toxins (MATS), we also do not think that the verdict is final as it highlights the cost of implementation as the key reason to shoot down the EPA proposal and our readings suggest that the EPA will ‘swiftly address the Court’s concerns,’” May explains.
Fallout
As it stands, Macquarie sees…
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