Revelation Energy LLC, a coal company based out of West-Virginia, along with its affiliate Blackjewel LLC filed for bankruptcy on Monday. This has put over 1,000 jobs across three states at risk. It is one massive setback for an already dwindling coal industry. Workers across three states, West Virginia, Virginia, and Kentucky will be affected by the company’s bankruptcy. A number of workers working in a couple of coal mines in Wyoming are also expected to get affected.
Revelation Energy LLC along with its affiliate, Blackjewel LLC became the second major coal company to file for bankruptcy. The coal industry has been on the downside since years now. Companies are finding it difficult to operate with the minimal profits on offer. The issue highlights the lack of jobs in the industry since 2012 due to the low production numbers. Workers who were working at mines near Kentucky’s Cumberland were asked by the company not to report in the morning shift. They were also informed that the shut down may last for about two weeks. Back in 2016, Revelation Energy LLC accounted for 6 per cent of the total coal production in United States, and was thus the second largest producer of coal in the country.
Talking about the country’s coal industry, it just suffered yet another setback as renewable energy resources surpassed coal energy for the first time in history. In April, renewable energy resources including solar, hydro, geothermal, biomass, and wind, generated more electricity than coal in the United States. During spring, hydro-energy is at its peak while coal-energy is usually at its lowest. Wind and Solar energy recorded the highest increases. Coal companies in the United States are already shutting down due to low production. The increased competition will only hamper the industry further and create problems for the thousands of workers dependent on it for their living.