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Tom Sanzillo and Cathy Kunkel
O’Halleran legislation aims to cushion economic losses caused by plant closures
April 2, 2021 (IEEFA) — The recently introduced New Promise Act, sponsored by Rep. Tom O’Halleran, D-Ariz., marks a potentially important step forward in recognizing the need for a federal commitment to economic revitalization in communities that have been hard-hit by the decline of the coal economy. The bill, inspired by the closure of the […]
Frank Bass
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel-based industries—coal, liquefied natural gas, and plastics—were becoming less financially attractive even before the global coronavirus pandemic, according to experts who spoke during the second week of IEEFA’s 2020 Energy Finance Conference. The annual meeting of international energy, finance and policy experts, which was offered online this year because of COVID-related restrictions, […]
Press Release and Clark Williams-Derry
What did Occidental Petroleum know about cleanup liabilities before the CRC spin-off?
February 6, 2020 (IEEFA U.S.) ‒ California Resources Corporation (CRC), a company spun off from U.S. oil giant Occidental Petroleum six years ago, faces an elevated risk of bankruptcy that could pose significant financial risks to the state of California, according to a report released today by the Institute for Energy Economics and Financial Analysis […]
Clark Williams-Derry and Press Release
Companies must meet remediation duties, owners and stockholders get paid last
December 5, 2019 (IEEFA U.S.) – The Institute for Energy Economics and Financial Analysis (IEEFA) published a “primer” today – a background guide explaining what the cleanup obligations are in cases of bankruptcy by oil and gas companies. Called Cleaned Out by Bankruptcy: A Primer on Environmental Cleanup Duties, the brief notes the increasing numbers […]
IEEFA
Casper Star Tribune: A Powder River Basin coal mine suddenly ceased operations and sent about 300 workers — a majority from Wyoming — home indefinitely Thursday, over permit disagreements between Montana’s Department of Environmental Quality and the mine’s new owner. Out-of-state coal firm Navajo Transitional Energy Company (NTEC) recently assumed ownership of the Spring Creek […]
IEEFA
Casper Star Tribune: Coal company Contura Energy announced Wednesday it had reached a tentative deal with FM Coal to transfer ownership of two idling Wyoming coal mines, the latest development in a bankruptcy case that has rattled coal country for months. The agreement hinges on approval of a federal bankruptcy court and the board of […]
Press Release, Karl Cates and Seth Feaster
Hundreds laid off with plans to replace employees with lower-paid contractors
Aug. 5, 2019 (IEEFA U.S.) — As Peabody Energy ceases production this month at the Kayenta Mine complex in northern Arizona, the company plans to abandon its long-time workforce even as it faces a vast amount of reclamation responsibility in the area. The company is abruptly discarding some 300 mine-complex employees this month, according to a […]
Karl Cates and Seth Feaster
‘Doing It Right’ template in Montana has regional, national applications
A federal court ruling last week will likely result in stricter standards for wastewater released by coal plants and is just the latest reminder of the workforce requirements that will be an offshoot of the massive cleanup still to come across the industry. The ruling “dealt a fresh blow to the operators of coal-fired power […]
Press Release and Karl Cates
Call for $20 million of immediate capital for plant/mine decommissioning, site reclamation, post-coal business development, asset repurposing
March 28, 2019 (IEEFA Arizona) — A research brief published today by the Institute for Energy Economics and Financial Analysis (IEEFA) and lead author Tony Skrelunas, Navajo, MBA, identifies fast-emerging investment opportunities in the post-coal economy of northeastern Arizona. The brief — Navajo-Hopi Transition Impact Investment Fund: Four Opportunity Areas— describes capital investment opportunities in four critical […]
IEEFA
Gregory DL Morris for Risk & Insurance: Waves of bankruptcies convulsing the coal industry in the United States leave billions of dollars in mine remediation costs potentially unfunded, and raise ominous questions for both tactical insurance and strategic risk management. Dozens of coal companies are in court-supervised reorganization or liquidation, some of them for the […]
IEEFA report: California Schemin’
What did Occidental Petroleum know about cleanup liabilities before the CRC spin-off?February 6, 2020 (IEEFA U.S.) ‒ California Resources Corporation (CRC), a company spun off from U.S. oil giant Occidental Petroleum six years ago, faces an elevated risk of bankruptcy that could pose significant financial risks to the state of California, according to a report released today by the Institute for Energy Economics and Financial Analysis […]