EIN News says, "Massey, Alpha Investors Approve $7.1 Billion Deal Shareholders have approved coal producer Alpha Natural Resources' $7.1 billion takeover of struggling rival Massey Energy Co. (businessweek.com)".
Yahoo says, "Alpha is the nation's leading supplier and exporter of metallurgical coal used in the steel-making process and is a major supplier of thermal coal to electric utilities and manufacturing industries across the country".
Sources of energy consumed in the US in '09 are:
Coal - 24% (91% of it is used for electric power generation)
Renewables - 7% (a breakdown is for hydro and biomass/ethanol, 3% each, wind 0.3%
and 0.07% solar).
It is silly to think that wind and solar could make any significant contribution to the total in the near future. There is a bare but unlikely possibility that biomass could be a player, but it can't compete on a price basis without taxpayer subsidy. Only unrealistic government dreamers could come up with the idea that wind and solar could be seriously involved.
The Alpha Officers, Board of Directors, and Stockholders know that the heavy energy lifting is done by coal and will continue for the foreseeable future, even if the Obama Administration does not.
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