Quantcast

World's Largest Coal Company Files for Bankruptcy

Energy

Peabody Energy, the world’s largest privately owned coal company, filed for bankruptcy today, becoming the latest in a series of coal giants to do so. The bankruptcy filing is one of the largest on record in the commodities market.

Shares of the energy company fell 75 percent this year, driven by the low demand for and price of coal, which has also fallen 75 percent since 2011. Peabody also cited the increasing use of natural gas and “ongoing regulatory challenges” as reasons for its filing.

Mary Anne Hitt, director of the Sierra Club’s Beyond Coal campaign, said Peabody’s filing should serve as a “wake-up call” for the rest of the industry. Producers accounting for about 45 percent of U.S. coal production have filed for bankruptcy since coal’s steep decline began.

For a deeper dive: Reuters, CNN, Bloomberg, Financial Times, Wall Street Journal, Washington PostSydney Morning Herald, BBC, Grist, IB Times, BusinessGreen, Climate Home, USA Today

For more climate change and clean energy news, you can follow Climate Nexus on Twitter and Facebook, and sign up for daily Hot News.

YOU MIGHT ALSO LIKE

Peabody Energy Should Be in Criminal Court, Not Bankruptcy

400 Arrested on Capitol Steps Protesting Big Money in Politics

Bernie Sanders Calls for Nationwide Ban on Fracking

NASA: Melting Ice Sheets Is Changing How the Earth Rotates

EcoWatch Daily Newsletter

A harbour seal on an ice floe in Glacier Bay, Alaska. A new study shows that the climate crisis has warmed waters, changing ecosystems and crippling sea ice growth. Janette Hill / robertharding / Getty Images Plus

The climate crisis is accelerating the rate of change in Alaska's marine ecosystem far faster than scientists had previously thought, causing possibly irreversible changes, according to new research, as Newsweek reported.

Read More
Doctors report that only 1 in 4 children are getting the recommended 60 minutes of physical activity per day. Ronnie Kaufman / DigitalVision / Getty Images

By Dan Gray

Pediatricians are being urged to start writing "exercise prescriptions" for the children they see in their office.

Read More
Sponsored
A First Nations protester walks in front of a train blockade in Tyendinaga, near Belleville, Ontario, Canada on Feb. 21, 2020. LARS HAGBERG / AFP via Getty Images

An indigenous rail blockade that snarled train travel in Canada for more than two weeks came to an end Monday when police moved in to clear protesters acting in solidarity with another indigenous community in British Columbia (B.C.), which is fighting to keep a natural gas pipeline off its land.

Read More
A rainbow snake, a rare reptile spotted in a Florida county for the first time in more than 50 years, seen here on July 5, 2013. Kevin Enge / FWC Fish and Wildlife Research Institute / Flickr

A Florida hiker recently stumbled across a slithering surprise — a rare snake that hadn't been spotted in the area for more than 50 years.

Read More
We need our government to do everything it can to stop PFAS contamination and exposure from wreaking havoc in communities across the country. LuAnn Hun / Unsplash

By Genna Reed

The EPA announced last week that it is issuing a preliminary regulatory determination for public comment to set an enforceable drinking water standard to two of the most common and well-studied PFAS, PFOA and PFOS.

This decision is based on three criteria:

  1. PFOA and PFOS have an adverse effect on public health
  2. PFOA and PFOS occur in drinking water often enough and at levels of public health concern;
  3. regulation of PFOA and PFOS is a meaningful opportunity for reducing the health risk to those served by public water systems.
Read More