Lights getting dim for coal

CHARLESTON, W.Va. — The bankruptcy filing Monday by Alpha Natural Resources seemed to follow the template that other companies have in recent months, a Wall Street Journal reporter said.

“Companies filing for bankruptcy, reducing their debt loads, trying to clean up some of the legacy of labor and other types of costs and coming out in smaller fashion, particularly in Appalachia,” reporter Matt Jarzemsky said during an appearance on MetroNews ‘Talkline’.

Alpha secured millions of dollars to give it some time to finalize its reorganization plan under Chapter 11 bankruptcy.

“A lot of the bankruptcy plan has yet to be worked out,” Jarzemsky said. “The company doesn’t have solid plans for asset sales at this point or how it will deal with labor or other interests.”

Some of Alpha’s operations are union and United Mine Workers of America International President Cecil Roberts warned the company Monday not to take benefits away from workers and retirees.

“Today’s Chapter 11 bankruptcy filing by Alpha Natural Resources appears to follow the same script as others we’ve seen this year: pay off the big banks and other Wall Street investors at the expense of workers, retirees and their communities,” Roberts said in a statement. “Alpha needs to understand that while we are willing to discuss ways forward that will be of mutual benefit for the company and for our members, we are also prepared to do whatever we need to do to maintain decent jobs with the pension and health care benefits our retirees were promised and have earned.”

Alpha has closed more than 80 mining operations and cut 6,500 jobs since 2011 but it hasn’t been enough. The soft overseas market for metallurgical coal and federal EPA regulations continue to hurt, Jarzemsky said.

The Alpha development came just hours before President Barack Obama announced the finalization of the Clean Power Plan which has the goal of reduced emissions from coal-fired power plants by more than 30 percent over the next 15 years.

In a video released by the White House Sunday, Obama described what some have called the cornerstone of his climate change fight.

“Until now, there have been no federal limits to the amount of that pollution those plants can dump into the air. Think about that,” Obama said.

White House talking points said 69 million metric tons of carbon pollution was emitted from power plants in West Virginia in 2013, which is equal to the yearly population of 14 million cars. Approximately nine percent of the state’s adult and children population suffer from asthma, the federal Centers for Disease Control said.

“The sooner we act, by taking responsible steps to cut carbon pollution from existing power plants, the more we can do to prevent impacts that affect all Americans – especially the most vulnerable,” the White House said.

U.S. Senator Shelley Moore Capito predicted the Clean Power Plan would shut down the remainder of the coal industry.

“We have Patriot bankrupted, Jim Walter bankruptcy, Alpha bankrupted, thousands of people lost jobs,” Capito said Monday on ‘Talkline’.

Comments from federal EPA administrator Gina McCarthy criticizing opponents of the Clean Power Plan rankled Capito Monday.

“Come to our communities and don’t tell me these are ‘old tired arguments from special interests.’ These are real families,” Capito said.





More News

News
One injured in Wood County helicopter crash
The person was taken to the hospital by a medical helicopter.
March 18, 2024 - 8:30 pm
News
Man charged in woman's death in Pocahontas County
Police said suspect and victim were "covered in blood."
March 18, 2024 - 8:15 pm
News
WVU officials work to help students recover following The Lofts blaze
Blaze occurred Friday morning.
March 18, 2024 - 8:06 pm
News
Person found dead in car at Beckley Elementary School parking lot
Beckley police are investigating.
March 18, 2024 - 7:05 pm