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Central Appalachian metallurgical and thermal coal producer Xinergy and its 25 subsidiaries have filed for Chapter 11 bankruptcy in Virginia.
- Price of thermal coal, this year dropped below $50/ ton as demand from china slows down and advanced economy continue to pursue de-carbonization of fuel.
- Moreover China has imposed restriction on foreign imports, which saw demand reduction close to 22% in 2014.
- US power companies as per EIA estimate will be adding greener power resources this year that will include renewables and natural gas, whereas coal and oil turbines will either see dismantling or fuel shift. Similar trend is in play across Europe.
Only smaller developing market economies remain more dependent on coal as power producer. India remains heavy user of coal in power generation, however power plants rely more on local suppliers similar to China.
- Steel Industry is another major user of coal, however that industry is yet to recover since financial crisis. Steel prices has fallen below 5 year low due to oversupply and lack of demand from China.
With lower natural gas and renewables price, good old days of coal seems to be over and more producers are expected to follow suit to bankruptcy.
