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Robert Murray, the 77-year-old founder and CEO of Murray Energy Corporation. Photo: Andreas Hoenig/picture alliance via Getty Images

Murray Energy, the country's largest privately held coal company and third largest U.S. coal producer, announced Tuesday that it has filed for Chapter 11 bankruptcy protection.

Why it matters: The filing, the latest in a string of coal sector bankruptcies, underscores how power markets are moving away from coal in favor of natural gas and renewables.

Context: Coal, which once provided well over half of U.S. electricity, is at around 25% of the power mix today and it's slated to be 22% next year, per Energy Department data.

  • The industry's woes also signal how Trump administration plans to prop up coal-fired power plants have yet to come to fruition.

Where it stands: Via Bloomberg, the filing is aimed at restructuring more than $2.7 billion worth of debt, and the bankruptcy court filing shows that it has reached a "support agreement with a group of lenders that provides a new $350 million loan to keep operations going during the reorganization."

Go deeper:

Go deeper

Scoop: Stephanie Murphy announcing challenge to Marco Rubio

Rep. Stephanie Murphy. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Democratic Rep. Stephanie Murphy is planning to announce a campaign for the U.S. Senate in Florida against Republican Sen. Marco Rubio in early June, people familiar with the matter tell Axios.

Why it matters: Murphy is a proven fundraiser. Jumping in now would give her an early start to build her case for the Democratic nomination and potentially force Rubio and allied GOP groups to spend heavily to retain a seat in a state that’s trending Republican.

53 mins ago - Politics & Policy

Inside the GOP's infrastructure strategy

Sen. Roger Wicker. Photo: Stefani Reynolds/Bloomberg via Getty Images

Top Republican senators are hoping the White House will make some sort of counteroffer to their infrastructure proposal when they meet with President Biden on Thursday, lawmakers and their aides tell Axios.

Why it matters: This is a sign of how serious the negotiations are, they say. In advance of the meeting, some of the senators are already publicly signaling the areas in which they have flexibility.

56 mins ago - Politics & Policy

By the numbers: Senate seats to watch in 2022

Data: Axios Research, Dave Leip's Atlas of U.S. Elections; Chart: Andrew Witherspoon/Axios

While Republicans are giddy about their chances for regaining the House next year, GOP prospects for taking the Senate remain more uncertain, data reviewed by Axios suggests.

By the numbers: At least five Republican senators are retiring after the midterms, and four of their seats are in battleground states. That makes a simple Republican-for-Republican election exchange all the more difficult.