Peaboy Coal, one of the country’s largest coal companies, announced Wednesday it is closing its $15 million production facility in upstate New Yc, leaving 1,600 jobs and $1 billion in debt.
“This announcement is a painful and necessary step for Peaboys customers and the community, as we work with state and local officials to determine the best way forward for our employees and the people of Upstate,” the company said in a statement.
Peabodies coal-fired power plant in the town of Marcellus is one of three facilities in Upstates New York to close due to the coal plant shutdown.
The coal plant was one of four to shut down during the winter, forcing more than 3,200 employees to relocate.
“Peabody is proud of the many contributions we have made to the community and its economy,” the statement continued.
We continue to meet and exceed our goals for carbon capture and storage, and we are continuing to build a strong carbon-neutral power system.” “
The Peabots coal plant is one example of our commitment to improving the climate in the region.
We continue to meet and exceed our goals for carbon capture and storage, and we are continuing to build a strong carbon-neutral power system.”
The announcement came less than 24 hours after Peabys president and CEO Jeff Immelt issued a letter to the company’s shareholders that said, “We believe that we can continue to invest in the business, and our customers and partners will continue benefiting from a diversified power portfolio.”
Peabodies announcement comes just two weeks after the state announced it would take another $4.3 billion to address the pollution and climate change problems caused by the Marcellos coal plant shut down.
Peabs plans to sell off its coal-powered power plants and use the money to pay for clean energy investments like solar and wind power.