The U.S. coal mining industry was dealt a double blow Tuesday, with seven power plants slated for closure and a planned joint venture between two mining giants abandoned.
Vistra Corp., one of the biggest independent power producers, said Tuesday it would permanently shutter seven coal-fired generating plants, erasing 6.8 gigawatts of potential demand.
Hours later, Peabody Energy Corp. and Arch Resources Inc. scrapped a planned JV aimed at cutting production costs so they could better compete against cheap natural gas and renewables.
The moves underscore the economy’s inexorable shift away from coal, despite President Donald Trump’s efforts to to revive the industry.
While Trump vowed in 2016 to restore America’s coal mining jobs, he has largely failed. Democratic challenger Joe Biden, meanwhile, has laid out a US$2 trillion energy and infrastructure plan that calls for 100 per cent carbon-free power system.
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