Table of Contents

Executive Summary………………………………………………….......................
3
List of Tables and Exhibits………………………………………………..............
6
A Low-Risk Approach to a Low-Carbon Fuel Mix…………………………….
9
Recent Trends………………………………………………………………………
16
Economics: Investment Implications of Fuel Switching…………………….
31
Coal Retirements and Gas–Displacement Potential…………………………
44
Policy………………………………………………………………………………….
51
Appendix: Environmental Issues with Shale Gas…………………………….
56