Coal stocks are taking a hit.
- Arch Coal (ARCH) is down about $10.80
- Peabody Energy (BTU) is down about $1.80
- Alpha Metallurgical Resources (AMR) is down $7.83
- CONSOL Energy (CEIX) is down $2.30
All after the U.S. Supreme Court curbed the Environmental Protection Agency’s options for limiting greenhouse gas emissions from power plants. The ruling restricts the U.S. government from controlling emissions from coal fired power plants.
“Capping carbon dioxide emissions at a level that will force a nationwide transition away from the use of coal to generate electricity may be a sensible ‘solution to the crisis of the day.’ But it is not plausible that Congress gave EPA the authority to adopt on its own such a regulatory scheme,” Chief Justice John Roberts wrote in the majority decision. “A decision of such magnitude and consequence rests with Congress itself, or an agency acting pursuant to a clear delegation from that representative body.”
In addition, Justice Elena Kagan wrote in her dissent: “Today, the court strips the EPA of the power Congress gave it to respond to the most pressing environmental challenge of our time. … It deprives EPA of the power needed—and the power granted—to curb the emission of greenhouse gasses.”