August 1, 2019 (IEEFA Asia Pacific) ̶ BlackRock, the world’s largest fund manager with US$6.5 trillion of assets under management – bigger in value than the third largest economy in the world – continues to ignore the serious financial risks of putting money into fossil fuel-dependent companies, a new report has found. Produced by the […]
Peabody Energy during the first quarter of the year quietly reduced the size of the workforce at Kayenta Mine in northeastern Arizona by 46 percent, from 336 miners to 182. In March, Peabody acknowledged publicly it had recently let go 40 Kayenta mine workers. The company has been silent beyond that announcement. The latest information […]
May 30, 2019 (IEEFA) – Closure this year of the Navajo Generating Station (NGS) and Kayenta Mine will gut tribal government budgets in northern Arizona, according to a report published today by the Institute for Energy Economics and Financial Analysis. In response to the planned closures, Navajo Nation will reduce public-service expenditures by 23 percent […]
(IEEFA U.S.) — The federal solar tax credit should be extended by at least four years in coalfield areas, like the ones around the Navajo Generating Station (NGS) and Kayenta Coal Mine in Arizona, according to a briefing note released today by the Institute for Energy Economics and Financial Analysis (IEEFA). “Scheduled curtailment of the […]
March 18, 2019 (IEEFA U.S.) — Coal producers in the Powder River Basin continue to lose customers as utilities across the U.S. embrace a shift toward cleaner and cheaper forms of power generation, according to a report published today by the Institute for Energy Economics and Financial Analysis (IEEFA). The report — Powder River Basin Coal […]
March 8, 2019 (IEEFA New Mexico) — The Navajo Transitional Energy Company’s (NTEC) proposed acquisition of the failing coal-fired Navajo Generating Station (NGS) and its feeder Kayenta Mine continue to raise questions about possible consequences should the sale be allowed to move forward. In addition to wide concerns about the financial viability of the project, the […]
SYDNEY, February 27, 2019 (IEEFA) – Research from the Institute for Energy Economics and Financial Analysis (IEEFA) today reveals over 100 major global financial institutions have introduced policies restricting coal funding. The report, “Over 100 Global Financial Institutions Are Exiting Coal, With More to Come,” finds global capital is fleeing the coal sector at an electrifying […]
February 22, 2019 (IEEFA Arizona) — The Institute for Energy Economics and Financial Analysis (IEEFA) published a report today concluding that a tribal company’s plan to acquire the failing Navajo Generating Station (NGS) and its companion mine would most likely create a money-losing enterprise. The report—“NTEC’s Plant/Mine Acquisition Plan Puts Navajo Nation at Serious Financial Risk”—concludes […]
The Institute for Energy Economics and Financial Analysis (IEEFA) has done extensive research into the difficult circumstances facing Navajo Generation Station. Key findings: Declining energy market prices and rising production costs have made power produced by the plant more expensive than competing sources. Market trends are not likely to change, leaving the plant’s financial viability […]
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 […]
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 […]
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 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 […]