Submitted via IRC for Bytram
Fourth-largest coal producer in the US files for bankruptcy
Cloud Peak Energy, the US' fourth-largest coal mining company, filed for Chapter 11 bankruptcy late last week as the company missed an extension deadline to make a $1.8 million loan payment.
In a statement, Cloud Peak said it will continue to operate its three massive coal mines in Wyoming and Montana while it goes through the restructuring process. Colin Marshall, the president and CEO of the company, said that he believed a sale of the company's assets "will provide the best opportunity to maximize value for Cloud Peak Energy."
Cloud Peak was one of the few major coal producers who escaped the significant coal industry downturn between 2015 and 2016. That bought it a reputation for prudence and business acumen.
But thinning margins have strained the mining company as customers for thermal coal continue to dry up. Coal-fired electricity is expected to fall this summer, even though summer months are usually boom times for coal plants as air conditioning bolsters electricity demand. That's because cheap natural gas and a boost in renewable capacity have displaced dirtier, more expensive coal.
(Score: 4, Informative) by DeathMonkey on Thursday May 16 2019, @06:18PM (3 children)
I literally just addressed the methane (CH4) problem... Yes, it's C02 equivalence is 25 (not 30), but those emissions are almost all preventable.
You need to compare the cost of extracting natural gas to extracting coal. Extracting coal is way more dirty and energy intensive than nat gas. And, it has the benefit of generating massive quantities of hazardous waste.
And on top of all that, remember that coal ash waste is MORE radioactive than nuclear waste! [curiosity.com]
(Score: 5, Interesting) by DeathMonkey on Thursday May 16 2019, @06:30PM
Hundreds of Workers Who Cleaned Up the Country’s Worst Coal Ash Spill Are Now Sick and Dying [nrdc.org]
(Score: 2) by ikanreed on Thursday May 16 2019, @06:43PM (1 child)
I'm definitely not coming at this from a "coal is good actually" perspective. That seems to be the intuition you've developed.
Just that the change the markets have brought us have left some of the biggest and nastiest externalities sitting on the table exactly where they were when we started.
(Score: 2) by DeathMonkey on Thursday May 16 2019, @06:52PM
Neither am I re: natural gas!
But, if we want to tackle this problem it seems wisest to focus on the biggest polluters, first.