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IEEFA
S&P Global Market Intelligence ($): A sharp decline in coal demand from the U.S. power sector is wreaking havoc on the Powder River Basin as mine operators in the region scaled back production during 2020 with few indications of improved prospects for volumes. Production in the country’s largest coal-producing basin fell 21.8% year over year […]
IEEFA
S&P Global Market Intelligence ($): Louisville Gas and Electric Co. and Kentucky Utilities Co. are seeking generation capacity to meet a potential energy shortfall being created by the expected retirement of three coal units by 2028. The PPL Corp. subsidiaries expect to retire units 1 and 2 at the Mill Creek plant in Jefferson County, […]
Tim Buckley
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced a comprehensive coal exit policy with a commitment to phase out both project and general corporate financing of thermal coal mining and coal-fired power generation across its portfolio by 2040. This is a first in several ways. CIMB is the first Malaysian bank to act on a formal […]
Clark Williams-Derry and Seth Feaster
Bear market for coal, new financial pressures push world’s largest coal company towards default
Just three-and-a-half years after emerging from its previous bankruptcy, Peabody Energy—the world’s largest private coal miner—admitted to investors on Monday that it could face yet another trip to bankruptcy court in the coming months. Coal bankruptcies in the United States have become increasingly common. Cheap gas and renewable power have steadily replaced coal in the […]
IEEFA
S&P Global Market Intelligence ($): The world’s largest private coal company Peabody Energy Corp. said it is in danger of its second bankruptcy filing in five years on the back of poor performance and worsening market conditions amid the coronavirus pandemic. There is “substantial doubt” the company will be able to meet its outstanding obligations […]
IEEFA
St. Louis Post-Dispatch: An insurance company is demanding nearly $128 million in collateral from Peabody Energy Corp., citing the company’s “deteriorating” financial condition. In a lawsuit filed Thursday by Argonaut Insurance Co., the company says it has issued over $202 million in surety bonds to Peabody-associated entities around the globe. They are mostly reclamation-type bonds […]
Tim Buckley
The writing is on the wall for coal, and now globally significant financial institutions are starting to shun high risk oil and gas projects
What started as a trickle is turning into a rush for the exit as countries, financial institutions and companies commit to quitting coal – and increasingly oil and gas as well. 2020 to-date has seen 56 global banks, insurers, pension funds and asset managers announce new or expanded coal exit policies – 143 globally significant […]
IEEFA
Wyoming Public Media: A federal judge has ruled against a proposed joint venture between the two largest coal producers in the nation. District Judge Sarah Pitlyk found that consolidating seven of Arch Resources Inc. and Peabody Energy Corp’s mines in the Powder River Basin and Colorado wouldn’t bode well for the region’s market. The move […]
Seth Feaster
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest privately owned coal company and the biggest U.S. coal producer, has finally acknowledged a long-apparent reality: Thermal coal mines in the U.S. have little value anymore and not much of a future. The company said as much earlier this month when it slashed the book value of the largest coal […]
IEEFA
S&P Global Market Intelligence ($): The largest coal mining company in the United States substantially lowered the value of one of its top-producing thermal coal assets based on low expectations for future coal demand. Peabody Energy Corp. impaired the value of its North Antelope Rochelle coal mine in Wyoming by $1.42 billion in the second […]
IEEFA update: Peabody Energy flirts with bankruptcy—again
Bear market for coal, new financial pressures push world’s largest coal company towards defaultJust three-and-a-half years after emerging from its previous bankruptcy, Peabody Energy—the world’s largest private coal miner—admitted to investors on Monday that it could face yet another trip to bankruptcy court in the coming months. Coal bankruptcies in the United States have become increasingly common. Cheap gas and renewable power have steadily replaced coal in the […]