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The Environmental Protection Agency has started the process to repeal the Clean Power Plan, an Obama-era measure to reduce emissions from power plants. In his announcement, Scott Pruitt characterized the repeal as an end to a “war on coal.” But in the real world of energy markets, not a whole lot is expected to change. If you watch investments in coal mines and plants, this industry will still have to fight to survive. And the reasons have little to do with Washington, D.C.

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Follow Scott Tong at @tongscott