In an article for Forbes, Christopher Helman wrote today that although solar, wind, and natural gas industries are booming, they will not be able to replace coal in the wake of sweeping plant shutdowns due to new EPA rules in the United States.
Coal Market News Directory
Bloomberg reported that Australian mining companies are producing and exporting coal at a loss due to take-or-pay contracts with freight companies.Losses from exporting coal at current low prices are much less than what it would cost to default on the freight agreements.
Reuters reported today that U.S. rail shipper Norfolk Southern (NYSE:NSC) reported a drop of 18 percent in profits for the first quarter of 2014, largely due to a 15 percent fall in earnings from coal shipments. However, Norfolk Chief Executive Wick Moorman told Reuters that the company expects a rebound following this quarter.
The Globe and Mail reported that a slump in coal prices is hurting mining in British Columbia and has caused US-based Walter Energy Inc. (NYSE:WLT) to cease mining operations in the province.
Forbes reported today that three major regulatory changes will go into effect this spring, forcing power plants that use coal to upgrade operations or close them down. US coal users will thus have to look at new, superior coal technologies to move forward.
The Financial Times reported that veteran turnaround investor Jon Moulton is considering a move to buy parts of UK Coal in the wake of news that two of Britain’s last coal mines may soon close. UK Coal is currently seeking a government bailout. According to the publication: UK Coal needs £20m, including £10m from the government, for [...]
The telegraph reported that Kellingley Colliery in Yorkshire and Thoresby Colliery in Nottinghamshire will close within the next year and a half as the mines are no longer commercially viable, leaving Hatfield Colliery in Ed Miliband’s Doncaster North constituency as the last remaining coal pit in Britain. Cheap imports of US shale gas have combined with a weak dollar to help make UK coal mines unprofitable.
International Business Times reported yesterday that data from North Sea oil and gas exploration indicates that there are huge coal deposits under the North Sea that could power Britain for hundreds of years.
Mining Weekly reported that according to Rowan Karstel, CEO of Beacon Hill Resources plc (LSE:BHR), the Tete coalfield, located in Mozambique, has more development potential over the next 10 years than other sub-Saharan coal mining areas.
The Guardian reported that the Kemper County energy facility, which is set to come online later this year, will be the first power plant in the United States that is able to capture and store carbon dioxide emissions.