A promising solution to many problems that thermal power industry is facing today would be switching from conventional coal dust combustion to coal-water slurries containing petrochemicals (CWSP). Here, we perform an experimental study of the most hazardous anthropogenic emissions (sulfur and nitrogen oxides) from the combustion of high-potential CWSP. We identify the main benefits and potential drawbacks of using CWSP in thermal power industry. A set of components and additives to CWSP are explored that significantly affect the environmental and energy performance of fuels. The anthropogenic emissions from the combustion of CWSP made of widespread coal and oil processing wastes are no higher than those from coal dust combustion. Using specialized additives to CWSP, we can change the concentrations of NO and SO several times. The most appealing additives to CWSP are sawdust, straw, charcoal, limestone, and glycerol. They provide better environmental, economic, and energy performance and improve the rheological properties of CWSP. Waste oils and oil sludge added to CWSP may impair the environmental performance but boost the cost and energy efficiency. Using coal-water slurries containing petrochemicals as a fuel at thermal power plants is an environmentally friendly as well as cost- and energy-efficient way to recover industrial wastes.