Inside Energy (https://insideenergy.org/tag/peabody-energy/)
In 2016, the collapse of the coal industry finally hit the epicenter of U.S. production: Wyoming’s mineral-rich Powder River Basin. Two out of the four largest coal companies in the U.S. declared bankruptcy. They shed hundreds of their Wyoming miners all at once. Now, in northeastern Wyoming, a recent boost in coal prices and production, and a pro-coal president, have hopes rising.
Peabody Energy paid nearly one point eight million dollars in overdue taxes this week to a rural county in western Colorado, resolving, for now, a serious funding concern for a tiny school district there. Communities all over the country count on revenue from fossil fuel extraction to pay for basics like schools and roads. But with the downturn in coal, oil and gas, that steady stream of energy dollars is no longer assured.
As coal companies go bankrupt there is growing concern and uncertainty over who will pay to clean up those mines. But Texas has been there before. In 2014, the state’s largest coal company filed for bankruptcy with over $1 billion in outstanding cleanup costs. Now, more than two years later, this case is held up an example of what works.
Cheaper natural gas has dealt a blow to the coal industry — and to Routt County school district. Before the district opened an all-day preschool in the small town of Yampa, there wasn’t an affordable day care program for this mostly working class community. When Peabody Energy, owner of Routt County’s Twentymile Mine, went into bankruptcy and failed to pay property taxes, it would have been the first thing to go. But the school district hasn’t let that happen.
Frank Thompson was one of almost 500 miners laid off in Wyoming in a single day earlier this year. Now, he’s trying to figure out life after mining—how to provide for his son, and how to bounce back.
Peabody Energy has reached a deal with regulators in several states over its outstanding cleanup obligations.
Peabody Coal, Arch Coal and Alpha Natural Resources all declared bankruptcy in the last year. When coal companies go broke, who pays to clean up the mines? Inside Energy’s Leigh Paterson explains.
As the state’s energy booms go bust, Wyoming is facing the colossal task of having to replace some of its main economic drivers. It’s either that or learn to live with less.
Peabody Energy has declared bankruptcy, making it just the latest of the coal giants to go under. What does it mean?
