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posted by Fnord666 on Thursday May 16 2019, @02:34PM   Printer-friendly
from the not-a-coalition dept.

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.


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  • (Score: 2) by linkdude64 on Friday May 17 2019, @04:46PM

    by linkdude64 (5482) on Friday May 17 2019, @04:46PM (#844767)

    https://soylentnews.org/article.pl?sid=19/05/16/2314228 [soylentnews.org]

    The term "small and incremental" is obviously relative. Yes, we're building new infrastructure to support gas, however my original comment was geared toward social impact of government policy rather than environmental impact, so here's a thought: The skilled labor involved in laying gas pipe is extremely similar to that involved in coal production, yet slightly more technical given that gas transportation is entirely pressurized and must be highly controlled through electronic systems. Going from gas/coal to wind power is going to be a comparative leap, because the labor involved is very different. I'm sure there is a solution, and I'm not saying the solution is "do nothing", it's really just a thought.

    I think government funding for electric-car charging infrastructure would be pretty incredible, the problems are the details. Electric semis will probably become a thing before cities go full-electric, and who knows, maybe solar and wind will play some part in truck charging stations for more isolated areas. The comparatively small demand there will lead to greater numbers of trained people in those technical fields, and then when the time comes for larger projects the workers will be there. Right now, I don't think the English/gender-studies/psychology/film-degree-having workforce we have domestically can handle something like that. The work culture is beginning to swing the other way, however slowly, so I have hope of something like that happening within the next 10 years or so.

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