W.Va.'s Longview Power Declares Bankruptcy Citing Low Energy Prices, Coronavirus

A West Virginia-based coal plant operator has announced that it’s filing for bankruptcy due to weak demand for electricity. Longview Power LLC, which operates one of the newest and most efficient coal-fired power plants in the U.S. hailed by the Trump administration as a model for coal’s future, announced in a Tuesday press release that it would seek to restructure its debts and ownership structure under the Chapter 11 bankruptcy process.

The company cited low power demand, driven by a mild winter, cheap natural gas prices and the COVID-19 global pandemic.

“This filing is unfortunate but necessary given the current depressed power prices, which have further dropped more recently due to the terrible COVID-19 pandemic sweeping the nation and dramatic effects of the pandemic on the economy,” said Longview CEO Jeff Keffer.

Longview operates a 700-megawatt coal-fired power plant near Morgantown. The plant has been championed by federal officials, including former Energy Secretary Rick Perry, who visited the plant in 2017.

Read more: https://www.wvpublic.org/post/wva-s-longview-power-declares-bankruptcy-citing-low-energy-prices-coronavirus