FINANCIAL TIMES 🔒| Peabody Energy has written $1.4bn off the value of the world’s largest coal mine, an acknowledgment of electricity generators’ permanent shift towards natural gas and wind.
The open-pit North Antelope Rochelle mine in Wyoming’s Powder River Basin accounts for 12 per cent of US production, and shuttle trains laden with coal serve power plants across the country.
But cheap gas prices coupled with falling costs for renewable power and state-level mandates for clean energy have accelerated the decline of coal-fired electricity. In the first six months of 2020, Peabody’s production in the Powder River Basin was down 18 per cent on the year.
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