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The Journal of the International Machinery
& Technical Specialties Committee of the American Society of Appraisers
Volume 32, Issue 2, 2nd Qtr 2016
$35.00 ASA Members, MTS Discipline
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T H E M T S J O U R N A L
Coal Is King No More: When Do You Determine Economic Obsolescence?
A l a n C . I a n n a c i t o , F A S A
Peabody Energy (NYSE:BTU), the largest non-state owned coal miner in the world, said Wednesday it
may have to seek bankruptcy protection after it missed a $70 million interest payment which was due
yesterday. (http://www.mining.com/worlds-largest-private-coal-company-likely-going-bust/)
This March 17, 2016 announcement follows earlier announcements by the number two and number
three largest U.S. coal producers seeking Chapter 11 Bankruptcy protection.
The current U.S. and international coal industry is on a teeter-totter. The U.S. coal market is
substantially a�ected by economic obsolescence, i.e. the undercutting of coal prices by natural
gas, a cheap and cleaner commodity, and continuing pressure from the Environmental Protection
Agency. This is largely due to the current U.S. administration and has a�ected the importance and
predictability of the coal industry as we knew it.
Further, Democratic presidential hopeful, Hillary Clinton, on one hand, says that coal is dead and that
she will see that coal miners and coal U.S. coal companies will be out of jobs, out of business. On the other hand Mrs. Clinton
has announced plans to save coal miners and companies with 30-billion dollars in education and reassembling a torn body.
Regulation, rhetoric and government action is a direct route to economic depreciation. But, as appraisers, do not be caught in
the immediate pitfall of, “economic depreciation.”
Approximately 44% of U. S. electrical power is still generated by coal. Europe has a di�erent take on the need for coal.
Germany, for example, has a huge coal industry although the country is pushing for a change in energy sources through
taxation to support alternative sources like wind, solar, and water power. So, what happens in the U.S. is not necessarily
happening in other parts of the world despite a general slowdown.
The big player in all of this is China. China, largely self-sustaining, still influences the international commodities market. But,
China was the fastest growing economy driving the world’s commodity prices. China now su�ers their own economic slowdown
thereby cutting into the former high international demand for fossil fuels, hard rock mining and minerals.
(Courtesy of UKY.edu and en.citizendium.org)
Volume 32, Issue 2, 2nd Qtr 20163 6
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