It was inevitable that the increasingly dire threat of catastrophic climate change would hit coal companies — especially since neither the Bush administration nor the coal industry have taken climate change seriously, and therefore they failed to pursue clean coal (i.e. carbon capture and storage) aggresively.
In fact, they pursued CCS incompetently (see “Can the coal industry be saved in spite of itself? Should it be?” and “In seeming flipflop, Bush drops mismanaged ‘NeverGen’ clean coal project“).
The 2007 Supreme Court ruling that CO2 is a pollutant began a chain of events that led to the landmark ruling yesterday by the EPA Environmental Appeals Board yesterday, which in turn hits coal stocks hard today (see below).
The AP reported today that, as I suggested yesterday, “The fate of scores of new coal-burning power plants is now in limbo”: