Murray Energy Corp, one of the largest privately-held U.S. coal miners, whose fo...
- Murray Energy Corp, one of the largest privately-held U.S. coal miners, whose founder is an outspoken supporter of President Donald Trump, became the latest in a string of coal companies to file for bankruptcy on Tuesday as generators shift to cleaner-burning natural gas and renewable energy.
“Although a bankruptcy filing is not an easy decision, it became necessary to access liquidity and best position Murray Energy and its affiliates for the future of our employees and customers and our long-term success,” Robert Murray said in a statement. Eight other coal companies have filed for bankruptcy over the last two years as natural gas has taken over as the primary fuel for U.S. power plants, while coal’s share of generation has collapsed.
Coal’s share of U.S. power generation is expected to fall to 22% in 2020, compared with roughly 25% this year. As recently as 2003, coal accounted for half of the country’s electricity generation, according to the U.S. Energy Information Administration .In addition to rolling back regulations on coal plants, the administration attempted to use emergency orders to bolster coal.
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