Coal, our cheapest and most abundant power source, is in big trouble in the United States. Over half of the mines and miners in Central Appalachia are now idle and dozens of American coal companies are currently bankrupt. Like Alpha Natural Resources, Arch Coal, and Patriot Coal, all of which filed for bankruptcy in 2015, Peabody Energy Corporation, the world’s largest private-sector coal company, filed for Chapter 11 Bankruptcy Protection on April 14.
New Yorkers may feel that there is no reason to worry since the state gets only 4 percent its power from coal (and so pays the 3rd highest electricity rates in the nation). Many in the natural gas, nuclear, and hydroelectric power sectors even regard coal’s demise as an ideal opportunity to increase their market share at coal’s expense.
