Coal stocks have been hit hard in this recession, given slumping electricity demand in the U.S. and the sharp drop-off of steel demand. For shareholders of Patriot Coal Corp (PCX: NYSE), the pain has been particularly acute. The stock lost 96 per cent of its value since last June's record highs. This year alone, Patriot's stock is down 41 per cent versus a 1 per cent decline by the Dow Jones U.S. Coal Index.
GMR Group plans to buy 100-150 million tonne capacity coal mine in Indonesia to feed 1,500 megawatt power generation capacity for 20 years. For full story, click here
Obama stated: "So if somebody wants to build a coal-powered plant, they can; it's just that it will bankrupt them because they're going to be charged a huge sum for all that greenhouse gas that's being emitted."
India’s Minister of State for Coal Santosh Bagrodia said: India needs to look beyond coal and tap non-conventional and renewable sources of energy such as hydropower and nuclear energy. For more information, click here
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