Company bids less than a penny per ton in biggest US coal sale in over a decade
Company bids less than a penny per ton in biggest US coal sale in over a decade
apnews.com
Company bids less than a penny per ton in biggest US coal sale in over a decade
I heard this story on NPR on the radio this morning.
Basically, renewables are the top dog with energy right now, and no one cared to bid on this coal deal. The people that won were the only bidders.
And yet because of the coal lobby, republicans are trying to Weekend at Bernie’s an entire industry.
And they may not even get it.
The Fed could end up saying that the bid was too low and may not accept it despite there being no other offers. This is far, far less than they were hoping for, I'm sure. Per the article, the last successful lease in the area was "$793 million, or $1.10 per ton, for 721 million tons of coal in Wyoming." This bid is $186,000 to lease 167 million tons which comes to something like like $0.001 per ton. The last coal lease was worth 1000 times more than this bid.
Just capitalism showing competition works.