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Mission bankruptcy underscores coal’s long-term decline

first_img FacebookTwitterLinkedInEmailPrint分享CBS News:A Tennessee coal mining company that filed for bankruptcy this week is the second coal company to go bankrupt during Donald Trump’s pro-coal presidency. It’s also the fifth U.S. coal industry bankruptcy in the last three years as competitors in the energy market continue to drive coal into the dust pile.Mission Coal, an operator of three mines in West Virginia and one in Alabama, filed for Chapter 11 bankruptcy protection on Sunday listing about $175 million in debt and just $55,000 cash on hand, according to court filings. This small company joins Colorado-based Westmoreland Coal, one of the country’s oldest coal companies, which filed for bankruptcy earlier this month, and Peabody Energy, Arch Coal and Alpha Natural Resources, which all have ended up in bankruptcy courts since 2015.Competition from other energy sources—super-cheap natural gas in particular—has been the main culprit. Obama-era “clean coal” regulations scuttled earlier this year by the Trump administration has played just a small role in the industry’s collapse, experts say.“Coal plants have been losing market share just on competitiveness alone, to natural gas, for quite some time–even before the EPA regulations came down that accelerated the shutdown of even more plants,” Greg Reed, director of the Center for Energy and the GRID Institute at the University of Pittsburgh, told CBS MoneyWatch recently.The total stock market value of the country’s four largest coal producers has plunged to $6.3 billion today from $33 billion in 2011. About 62,000 coal miners have lost their jobs during that time. Further job losses will come: More than a quarter of the U.S.’ current fleet of coal plants is projected to shut down over the next 12 years, according to one analysis.More: Mission Coal files for bankruptcy—5th coal company in 3 years Mission bankruptcy underscores coal’s long-term declinelast_img read more

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Central Islip Armed Home Invasion Probed

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Suffolk County police are investigating an armed home invasion in Central Islip last week.Four people, at least one of whom was armed with a gun, broke into a home on Clift Street, where they stole a television and iPhone from a victim inside at 1:48 a.m. Sunday, Jan. 11, police said.The victim was not injured. No arrests have been made and no description of the suspects was available.Third Squad detectives are continuing the investigation.last_img

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