U.S. Coal Suffers One-Two Punch as Plants Shut, Miner Deal Nixed

U.S. Coal Suffers One-Two Punch as Plants Shut, Miner Deal Nixed

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.