No. ΔK_natural < 0 (emissions, depleted reserves); ΔK_human < 0 (respiratory damage in downwind populations, external to the transaction); ΔK_produced > 0 (cheaper electricity short-term); ΔK_institutional < 0 (the lobbying apparatus sustaining the subsidy erodes rule-of-law neutrality). Net: ΔW_ext < 0. The activity imposes an external wealth loss. If a cost-effective brake exists (carbon pricing, liability), both conditions pass. Verdict: brake.