The Trump administration's support for coal and surging demand from AI data centers aren't translating into new coal plant investments, according to a Wall Street Journal analysis. While President Trump has rolled back environmental regulations and coal mining jobs have rebounded in key states, investors remain cautious. AI data centers, which consume massive amounts of power, represent a potential lifeline for coal's struggling fleet.

However, analysts warn that coal's inherent cost disadvantages and competition from cheaper natural gas and renewables continue to deter capital. Deal values for new coal projects remain negligible, with existing plants facing pressure to close due to aging infrastructure and environmental liabilities. This disconnect highlights the energy transition's momentum, even as political rhetoric favors fossil fuels.