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Vectren selling its coal-mining subsidiary for $296M

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One of Indiana's largest natural-gas utilities is selling its coal-mining subsidiary to a southern Indiana-based coal-mining company, putting more than 800 coal miners' jobs at risk.

Evansville-based Vectren Corp. officials announced Tuesday that they're selling Vectren Fuels to Terre Haute-based Sunrise Coal LLC for $296 million, with capital adjustments not to exceed $325 million. The sale is expected to be finalized later this year with Sunrise Coal, a subsidiary of Denver-based Hollador Energy Company.

Vectren Fuels owns three coal mines in southwestern Indiana that employ nearly 850 coal miners, The Evansville Courier & Press reported. Two of the mines are in Oaktown and the other is in Petersburg.

Those coal-mining jobs are not guaranteed after the sale is finalized, but Vectren notes that Sunrise Coal will start the hiring process soon and that all miners currently employed will be considered for hire.

Vectren has 681,000 natural gas customers in southern and central Indiana. It offers gas service in every county surrounding Marion County.

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  • Really?
    Have you ever noticed the people who with agree with anything Obama says or tries to do are losing these days. Your analysis couldn't be more wrong. Why don't you call and ask your utilities if your theories hold water, instead of listening to the media reports.
  • Export Coal
    Coal is still a demand product overseas, even if domestic coal power production keeps diminishing.
  • On the Wall
    The writing is on the wall for Coal as a major source of energy going forward. It's already mostly impossible to build a new coal power plant and it will become more and more difficult to maintain, update, and continue to operate existing plants in the future. This is simply Vectren reading the writing on the wall and choosing to divest their coal operation while there is still any value to be had.
    • they are divesting due to Obamas attack on Coal
      The divestment is due to natural gas being a green energy source and coal being a dirty source of energy. Vectren is divesting for this reason.

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