Coal giant Peabody Energy is writing down the value of its huge North Antelope Rochelle Mine in Wyoming by $1.42 billion, the company announced yesterday.

Why it matters: It's the world's largest coal mine, per several reports, and the write-down is a stark sign of the coal sector's wider struggles in a changing power mix.

  • The move came as Peabody posted an overall second-quarter loss of $1.54 billion.

The big picture: The write-down was the result of "changes in multiple assumptions, including lower long-term natural gas prices, timing of coal plant retirements and continued growth from renewable generation," the company said.

  • Coal's share of the U.S. electricity mix has been declining for years, and the country's coal production last year hit its lowest level since 1978, with continued declines occurring this year.

What they're saying: The pandemic is adding to the sector's woes, Moody's analyst Benjamin Nelson tells the Financial Times.

  • “The longer the pandemic plays out, the more early retirements [of coal-fired plants] and permanent demand destruction from coal we’ll see,” Nelson said.

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Ben Geman, author of Generate
Aug 6, 2020 - Politics & Policy

Biden's clean energy push resonates in Senate battlegrounds

Data: Data for Progress; Chart: Naema Ahmed/Axios

Joe Biden's climate posture is a political winner in four states where Senate races and the presidential contest are competitive, per new polling from progressive think tank Data for Progress.

Why it matters: Biden has tethered the spending portion of his energy and climate platform to his wider economic response to the coronavirus pandemic, which could mean a quick push for legislative action if he wins.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 30,782,337 — Total deaths: 957,037— Total recoveries: 21,032,539Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,764,962 — Total deaths: 199,258 — Total recoveries: 2,577,446 — Total tests: 94,211,463Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: The dwindling chances of eliminating COVID-19.
  5. World: Guatemalan president tests positive for COVID-19 — The countries painting their pandemic recoveries green.

The positions of key GOP senators on replacing Ruth Bader Ginsburg

Senate Majority Leader Mitch McConnell talks to reporters on Capitol Hill last Thursday. Photo: Chip Somodevilla/Getty Images

With President Trump planning to nominate his third Supreme Court justice nominee by next week, key Republican senators are indicating their stance on replacing the late Justice Ruth Bader Ginsburg just over six weeks out from Election Day.

The big picture: Senate Majority Leader Mitch McConnell (Ky.) has vowed that "Trump’s nominee will receive a vote on the floor of the United States Senate." But Sen. Lisa Murkowski (Alaska) told Alaska Public Media, "I would not vote to confirm a Supreme Court nominee. We are 50 some days away from an election."