> If a coal power plant can't raise capital from these guys, they'll get it from someone else instead.
For coal in the US this process has now played itself out enough that there is no longer sufficient value to extract. All of the major players have gone through multiple rounds of bankruptcy where they have shed pension, retiree healthcare, environmental cleanup costs, etc. They are at the point where even the lowest bottom feeders will no longer bid for them. Take for example Blackjewel which was already a bottom feeder holding company for a number of consolidated assets, they went to liquidation because there was no value left.
Of course tax payers will be stuck with the healthcare, pension and cleanup bills, not to mention the underfunded Black Lung Fund and of course all the climate and pollution costs.
For coal in the US this process has now played itself out enough that there is no longer sufficient value to extract. All of the major players have gone through multiple rounds of bankruptcy where they have shed pension, retiree healthcare, environmental cleanup costs, etc. They are at the point where even the lowest bottom feeders will no longer bid for them. Take for example Blackjewel which was already a bottom feeder holding company for a number of consolidated assets, they went to liquidation because there was no value left.
https://www.courier-journal.com/story/news/2021/03/03/blackj...
Of course tax payers will be stuck with the healthcare, pension and cleanup bills, not to mention the underfunded Black Lung Fund and of course all the climate and pollution costs.