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Mining.com: Foresight Energy became on Tuesday the latest coal miner to file for bankruptcy, saying the global economic slowdown triggered by the coronavirus epidemic had pushed it over the edge. The company, already hit by an ongoing switch to cheaper and cleaner sources of energy, said it planned to hand ownership to its creditors as […]
S&P Global Market Intelligence ($): While all four major U.S. coal ports took a beating in terms of fourth-quarter 2019 tonnage year over year, producers in the Illinois Basin saw an enormous drop in exports. Coal from the region is primarily shipped through the port in New Orleans. The U.S. exported an aggregate 18.8 million […]
St. Louis Post-Dispatch: With a mining-friendly administration in power in Washington, coal was supposed to be making a comeback by now. Instead, the industry just finished a brutal year. The Energy Information Administration estimates that U.S. coal production fell 9% last year and will decline by 14% in 2020. The downhill slide is reflected in […]
S&P Global Market Intelligence ($): A stock index of U.S. coal companies headed into the last full day of 2019 trading at half the level seen at the beginning of the year as unease around the future of coal counterbalanced the sector’s pivot to cleaner balance sheets and shareholder return programs. While stocks in the […]
S&P Global Market Intelligence ($): The market capitalization of five of the top 10 U.S. coal companies was sliced by more than half from early January to mid-November 2019. Those top 10 producers’ market value totaled about $4.42 billion as of Nov. 22, a 59.4% drop from $10.88 billion as of Jan. 8, according to […]
S&P Global Market Intelligence ($): One of the few major U.S. coal companies to dodge the bankruptcy court may soon need to file for Chapter 11 restructuring if the current market and economic forces working against the coal industry persist, according to recent securities filings. Over the past few weeks, Foresight Energy LP exercised an […]
S&P Global Market Intelligence ($): U.S. coal exports were roughly flat in the second quarter compared to shipments made in the prior period but remained down 18.1% compared to the second quarter of 2018. About 23.2 million tonnes of coal were shipped from U.S. ports in the second quarter of 2019, nearly flat compared to […]
S&P Global Market Intelligence ($): U.S. coal producers head into the second-quarter earnings season in the wake of a new round of industry bankruptcies, weakening seaborne prices, logistical challenges and tough domestic sales prospects. Seven of the 10 publicly traded coal companies analyzed by S&P Global Market Intelligence are expected to report lower EPS in […]
Taylor Kuykendall in SNL: Despite near-term improvements in the U.S. coal sector, getting investors excited about the industry may still prove a tough sell. “I don’t necessarily think we are ever going to get back to a situation where we’re going to have an investment-grade coal company again,” Chiza Vitta, an analyst with S&P Global Ratings, said […]
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IEEFA Ohio/Pennsylvania: Bracing for Economic Fallout From Failing Power Plants
Now Is the Time to Plan for Transition
Time has borne out what we said in a report we published in 2014 arguing that FirstEnergy was in financial trouble and that its strategy of seeking bailouts from customers might not be enough to turn around the company’s flagging fortunes. This excerpt from that report—“FirstEnergy: A Major Utility Seeks a Subsidized Turnaound”—summarizes our assessment: […]