Lighthouse Resources Inc., a coal company with mines in Wyoming and Montana, andWhite Stallion Energy LLC, a miner that operates in Indiana and Illinois, both filed for bankruptcy after the Covid-19 pandemic dropped coal prices.
Coal companies have struggled amid an increase in natural gas and renewable energy, and U.S. coal production in the second quarter of this year was the lowest it has been in almost 50 years, according to bankruptcy court filings.
Coal has beenhit hard this year because of the decrease in demand for electricity to run offices, factories and stores. That’s been true all over the world, and in the U.S., coal power plants have been the first place that utilities have cut back when they need less electricity.
Peabody Energy Corp., the biggest U.S. coal producer,warned last month that it’s facing the same issues and that it may seek bankruptcy protection for the second time in five years if the market doesn’t improve.
200,070 in U.S.Most new cases today
+9% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-0.7998 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
4% Global GDP Tracker (annualized), Oct.