Coal news and updates

Peabody Gets a $534 Million Margin Call on Coal, and Goldman Steps In With a 10% Loan

Locking in a price to sell coal at $84 a metric ton must have seemed like a good bet for Peabody Energy Corp. a year ago. Back then, many factories and offices were still shuttered, demand for electricity was weak and while vaccines were starting to be distributed, it was unclear when the world economy would mount a fuller recovery. Lining up hedge contracts for Peabody’s Wambo mine would ensure the Australia site would be profitable at a time when global leaders seemed committed to shifting away from the dirtiest fossil fuel.