MarketWatch reported the Energy Information Administration announced in April that for the first time ever, coal is no longer the number one power-generator, with natural gas and coal accounting for 32% of U.S. power generation each. The fight for clean air, attempts to free the nation from foreign oil, as well as money and changes in technology have all affected the need for coal.
As quoted in the report:
Patriot Coal is the latest casualty of the gas glut, tossing itself into bankruptcy Monday. Even coal’s big boys are hurting. Peabody Energy BTU +0.31% shares are down 32% this year, Arch Coal ACI -0.16% shares are down 57% and Alpha natural Resources ANR -0.67% are down 63%, to name a few.