Operationalizing publicly managed decline: Public asset acquisition in the Powder River Basin, Wyoming
Energy Research & Social Science
JOURNAL ARTICLE
8/1/2026
Citation: Cha, J. Mijin, and Emily Grubert. "Operationalizing publicly managed decline: Public asset acquisition in the Powder River Basin, Wyoming." Energy Research & Social Science 138 (2026): 104772.
Abstract:
Technology is not the only constraint on effective transition away from fossil fuels. Careful coordination of fossil phase-out and climate compatible phase-in is necessary to support an effective and just transition, particularly given the effects of industrial change on host communities and workers. Although public support for technology demonstrations is common, governance demonstrations designed to show how systems might be effectively managed through decline are rare. Such efforts can foster improvements, build trust, and enable progress along governance learning curves. Arguably, governance demonstrations are more necessary than technology demonstrations for advancing climate action. This article builds on prior work arguing for a demonstration of managed decline in the United States' Powder River Basin (PRB), one of the world's largest coal production regions, through public management. Although PRB coal itself is federally owned, it is leased via concession to private operators who own and manage extraction assets. Using data on asset market value, asset retirement obligations (AROs), labor obligations, and prospective climate damages, this work estimates that public acquisition of currently private assets in the PRB should be informed by an effective asset market value of ~$0 (in part due to ~$2 billion in AROs); business-as-usual labor obligations of ~$5 billion; and prospective climate damage of ~$1 trillion. Governments have numerous tools for acquisition, as demonstrated by recent (2025) US purchases and direct takeovers of equity stakes in extractive industries. This work informs strategies for acquisition for publicly managed decline, recognizing the PRB is likely a best-case scenario for outstanding liabilities.
