New York (CNN Business) Coal giant Peabody Energy emerged from a near-death trip through bankruptcy in April 2017, just in time to benefit from President Donald Trump's efforts to revive coal country. But Trump's coal rescue never stood a chance, because no amount of red tape cutting could overcome the power of market forces. Andfor the first time since the 19th century, the United States consumed more energy from renewable sources like solar than from coal. Peabody Energy, now the world's largest private coal mining company, is once again cutting jobs and flirting with bankruptcy. Earlier this month, Peabody Energy disclosed its third-straight quarterly loss as revenue tumbled a whopping 39%.

Source: CNN November 15, 2020 14:26 UTC