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Peabody Energy CEO: Reduced U.S. Coal Generation is Little Problem in Strong Global Coal Market

metals_minerals

Industry Segment: Metals & Minerals | Word Count: 788 Words

SUGAR LAND--January 25, 2012--Researched by Industrial Info Resources (Sugar Land, Texas)--In a conference call about Peabody Energy Corporation's (NYSE:BTU) (St. Louis, Missouri) fourth-quarter and full-year earnings for fiscal year 2011, Peabody Chairman and CEO Greg Boyce discussed the changing dynamics of the coal sector, describing the global economic situation as "a two-speed global economy marked by sluggish Western GDP but high, ongoing growth in developing Asia." Boyce stated that U.S. coal-fired generation had declined approximately 5% in 2011 "in a year that was marked by a dormant economy, regulatory headwinds and an oversupplied gas market. We are expecting some further reductions in U.S. coal generation in 2012 from ongoing coal-to-gas switching, as long as gas prices remain very low." The situation is not all doom and gloom for Peabody, however. Developing nations such as China and India are hungry for power and steel, and consequently coal. Industrial Info is tracking more than $2.6 billion in Peabody projects in the U.S. and Australia. Information on these and other projects can be found in our North American and International Metals & Minerals databases.


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