The post Continued Toll on Coal; More Companies File Bankruptcy appeared first on POWER Magazine.

The struggling U.S. coal industry, decimated by falling demand for the fuel from the power generation sector, and hit hard by low prices during the coronavirus pandemic, saw two more mining companies declare bankruptcy this week.

White Stallion Energy, which operates in Indiana and Illinois, and Lighthouse Resources, a coal company with mines in Wyoming and Montana, filed for bankruptcy in the U.S. Bankruptcy Court in Wilmington, Delaware, on Dec. 2 and Dec. 3, respectively. The U.S. Energy Information Administration (EIA) has reported that the nation’s power sector consumed 30% less coal in the first half of 2020 than during the same period last year, as demand for electricity fell due to the pandemic, and natural gas and renewable energy continued to take market share from coal.

“In light of the challenging market conditions and other impacts on our business from COVID-19, we have been required to reduce costs and reorganize our business, resulting in the reduction of our workforce in Montana,” Lighthouse CEO Everett King said in a statement.…

Read More »