"Coal has to go," CEO of Poland's PGE Says
Coal has obviously to be scrapped as a power source, the CEO of the Polish group which owns the EU’s biggest carbon-emitting power plant said on Thursday, underscoring a policy shift in a country until recently wedded to coal to generate electricity.Poland produces most of its electricity from coal but has made…
Plan to Support Coal, Nuclear Divides U.S. Energy Industry
U.S. industries that rarely agree - gas drillers and renewable energy producers - urged a federal agency on Monday to dump a government directive to prop up ageing nuclear and coal plants, saying the electricity grid was already reliable. The split in the energy industry showed that a Trump administration push to…
The Energy Patch: where rights offerings are "sexy" again
Energy businesses that are trying to exit bankruptcy are finding a saviour in some of their own creditors, which have been scooping up newly issued stock from the companies at hefty discounts. More than a dozen so-called rights offerings have raised billions of dollars over the past 18 months, according to data compiled by Reuters…
U.S. Coal Exports Soar, Revived in Part by New Energy Policy
U.S. coal exports have jumped more than 60 percent this year due to soaring demand from Europe and Asia, according to a Reuters review of government data, allowing President Donald Trump's administration to claim that efforts to revive the battered industry are working. The increased shipments came as the European Union and other U.S.
Coal: India's Energy Mainstay for Next 30 Years
Coal will remain India's main energy source for the next three decades although its share will gradually fall as the country pushes renewable power generation, according to a government report seen by Reuters. The country is the world's third-largest coal producer and the third-biggest greenhouse gas emitter. It…
Clean Power Plan Lawsuit Put on Hold
A U.S. appeals court on Friday granted a Trump administration request to put on hold a legal challenge by industry and a group of states to former President Barack Obama's regulations aimed at curbing greenhouse emissions mainly from coal-fired power plants, rules that the Republican president is moving to undo. A 10-judge panel of the U.S.
Peabody Makes Fresh U.S. Stock Debut After Bankruptcy Exit
U.S. coal miner Peabody Energy Corp returned to the New York Stock Exchange on Tuesday after emerging from a year-long $8 billion Chapter 11 bankruptcy with far less debt and an industry champion in the White House. Shares in Peabody, the world's largest private-sector coal producer, were trading at $29.80 in late morning…
Peabody Energy Emerges from Bankruptcy
U.S. coal miner Peabody Energy Corp said it had emerged from Chapter 11 protection and was expected to begin trading on the New York Stock Exchange on Tuesday under the ticker symbol BTU. The largest U.S. coal producer filed for bankruptcy protection in April 2016, after a sharp drop in coal prices left it unable to service debt of $10.1 billion.
U.S. Coal Miner Peabody eyes April Bankruptcy Exit
Peabody Energy Corp , the world's largest private sector coal producer, said on Thursday it expects to exit its Chapter 11 bankruptcy in early April after a U.S. judge said he would approve its plan to slash over $5 billion of debt. U.S. Bankruptcy Judge Barry Schermer said he was ready to sign an order to approve…
US Judge to Approve Peabody Ch. 11 Plan, Subject to DOJ Talks
A U.S. bankruptcy judge said on Thursday he would approve a plan by Peabody Energy Corp , the world's largest private sector coal producer, to exit Chapter 11 bankruptcy subject to discussions with the U.S. Department of Justice. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Chris Reese)
Peabody, Shareholders Face Off in Bankruptcy Court
Peabody Energy Corp , the world's largest private-sector coal producer, is squaring off in court with shareholders who claim their stock should not be wiped out in the company's $8 billion Chapter 11 bankruptcy, given a rise in prices for the fuel. Shareholders led by hedge fund Mangrove Partners hope to prove at a hearing in St.
Cerrejon's Coal Exports, Output Fall in 2016
Output and exports of coal by Cerrejon, Colombia's biggest coal producer, fell in 2016 for the second straight year, the company said on Tuesday. Production reached 32 million tonnes, down 3.6 percent from the previous year when output was 33.2 million tonnes. Cerrejon did not provide a reason for the decline. Exports…
Coal Miner: Smaller Than Expected Loss in '16
Poland's biggest coal producer, state-run PGG, made a smaller than expected net loss of around 300 million zlotys ($73 million) in 2016, deputy energy minister Grzegorz Tobiszowski said on Monday. * "We initially estimate that the loss stood at around 300 million zlotys compared to the planned 370 million," Tobiszowski, who supervises coal mines restructuring, told reporters.
Shareholders Seek Peabody Energy Reorganization Stakes
Shareholders of bankrupt Peabody Energy Corp will seek this week to be part of a reorganized company whose prospects have brightened after a recent surge in coal prices and its stock, Barron's reported in its Sunday issue. Hedge fund Mangrove Partners said in December that shareholders should get part of any valuation…
NORDEN, GNPower Ink Coal Transportation Deal
Dampskibsselskabet NORDEN A/S has entered into a 10-year contract with the Philippine energy company GNPower Mariveles Coal Plant Ltd. Co. (GNPower) that owns and operates a modern power plant in the Bataan province on Luzon Island in the Philippines. The contract comprises transportation of 20-24 million tons of coal to the power plant and starts in the first quarter of 2017.
Coal Exporters Wary of Chinese Impact on Demand
Coal rally driven by largely unexpected Chinese demand, but China's unpredictability leaves coal exporters wary. The problem with coal's spectacular rally this year is that it's largely a Chinese political phenomenon, and what Chinese politicians give they can just as easily take away. Australian thermal coal spot…
Glencore's Profit Falls, Debt Target Lowered
Coal hedging loss disappoints investors, share price falls 5 percent. Glencore said it expected to exceed a previous target to cut debt but it took a nearly $400 million hit from a bad bet on coal and echoed warnings voiced by mining rivals of volatile commodity markets. Along with Anglo American, Glencore was among…
Bankrupt Wyoming Coal Giant Turns to Grass
A squad of about ten Peabody Energy Corp. miners clad in steel-toed boots and hard hats climbed into massive bulldozers on a recent morning, ready to create rolling hills of grass over former pits at the Rawhide coal mine in Wyoming. In the midst of a deep coal downturn and widespread layoffs, the staff that remains at Rawhide is spending more time in 2016 on landscaping than mining.
Poland's PGNiG Has No Plans to Buy More Coal Assets
Poland's state-run gas firm PGNiG does not envisage further acquisitions in the troubled coal mining industry, the head of PGNiG Termika unit, Wojciech Dabrowski, said on Thursday. "When it comes to coal mining assets we do not envisage further acquisitions," Dabrowski told reporters when asked whether PGNiG could…
BHP Billiton Sheds Indonesian Coal Assets
BHP Billiton said on Tuesday it has agreed to sell its coal assets in Indonesia to its partner, Adaro Energy, following a slump in prices for metallurgical coal. BHP did not disclose the price for its 75 percent stake in IndoMet Coal, which it first flagged was up for sale in April. The amount is well below the $335 million Adaro paid for a 25 percent stake in IndoMet in 2010.
