Arch Coal, the Second-Biggest US Producer, Is in Trouble
“Arch Coal has posted significant losses for three years running now and as 2015 unfolds it appears its performance will remain in the red. Last week the company announced it had lost US$553 million in 2014, which is an improvement over 2013, when the company lost US$736 million, but not very promising. A deeper look, beyond just the loss column, reveals a company in distress,” writes Tom Sanzillo of the Institute for Energy Economics & Financial Analysis.
Suggested Tweet: Arch #Coal, the second-biggest US producer, is in trouble http://bit.ly/1MdJjt4 @ieefa_institute
Coalition Warns US Ex-Im Bank Against Supporting Adani’s Queensland Projects
“Civil society groups, scientists, political leaders and business owners from across Australia and the United States delivered an open letter to US Export-Import Bank (Ex-Im) Chairman Fred Hochberg calling on the Bank to reject any bid to finance Indian coal conglomerate Adani’s proposed Carmichael Coal Mine, railway, or ports with US taxpayer dollars,” writes Nicole Ghio from the Sierra Club in Huffington Post.
Suggested Tweet: US Ex-Im Bank Warned: Don’t Use US Tax Dollars to Destroy the Great Barrier Reef for #Adani #coal project http://huff.to/1CW24OR @nicoleghio
New arrests should dampen Serbia’s appetite for coal
On January 27, Vladan Milošević, the general director of the public company Resavica which operates nine underground coal mines in Serbia was arrested and charged with corruption. “In a statement, Serbia’s Minister of Internal Affairs said that Milošević was caught with a bribe of 14,000 euros of marked money … The case adds to the impression that the dependence on coal creates a stack of vulnerabilities for Serbia’s energy sector,” writes Nikola Perusic, the Serbian energy campaigner for the BankWatch network.
Suggested Tweet: Director General of Serbian #coal mining company arrested on #corruption charges http://bit.ly/1DdY3E2 @ceebankwatch @perusicnikola
FutureGen’s demise another blow to CCS
“The demise of FutureGen [Carbon Capture and Storage project in Illinois, US] has followed the same old pattern that has bedevilled numerous other CCS projects. Initial hype and generous public support have been followed by cost overruns, engineering problems, wariness of lenders and public and utility opposition,” writes Bob Burton in RenewEconomy.
Suggested Tweet: FutureGen’s demise another blow to #CCS http://bit.ly/1Ktxo6N @bobburtonoz #coal