Coal
Conduct Screen Fossil Fuels
Companies that mine, process, transport, or trade thermal or metallurgical coal as a primary business activity. Includes coal-fired power generators where coal is the dominant fuel source. Distinct from fossil_fuels_upstream (oil/gas E&P) and extractive_industries (non-fuel mining).
91 companies currently excluded under this screen
Excluded Companies (91 total)
Showing 25 of 91 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| NRG | NRG Energy Inc | NRG Energy operates a significant portfolio of coal-fired power generation assets. As of its most recent disclosures, the company manages multiple coal plants, including the Big Cajun II facility in Louisiana and plants in Maryland and Illinois. This infrastructure represents a material portion of its generation capacity and directly ties the company's operations to coal combustion. The company's coal operations have a documented history of environmental violations and regulatory enforcement. In 2012, NRG's subsidiary, Louisiana Generating, settled with the EPA over Clean Air Act violations at its Big Cajun II plant as part of the Coal-Fired Power Plant Initiative. In 2016, NRG paid $1 million in penalties and committed to another $1 million in environmental projects for faulty wastewater treatment at its Maryland coal plants. Further legal action followed, with the state of Maryland filing suit in 2023 over water pollution at its Dickerson and Chalk Point coal-fired facilities. In 2019, the Illinois Pollution Control Board found NRG liable for coal ash contamination at its power plants in the state. Despite a public emphasis on a diversified generation mix that includes natural gas, nuclear, and renewables, NRG continues to own and operate coal-fired power plants. There is no public commitment or plan to phase out these coal assets by a specific date. The ongoing regulatory penalties and lawsuits demonstrate the persistent environmental and operational risks inherent in this segment of its business. |
| FE | FirstEnergy Corp | FirstEnergy Corp operates a generation fleet that is approximately 56% coal-fired, with coal accounting for the dominant share of its fuel mix. The company’s regulated utilities rely heavily on aging coal plants, including the Sammis plant in Ohio and the Harrison Power Station in West Virginia. Through its subsidiary Global Coal Sales Group, LLC, FirstEnergy also acts as the exclusive marketer for coal produced at the Bull Mountain Coal Mine. The company’s reliance on coal was central to a major political corruption scandal. In 2020, FirstEnergy admitted in a deferred prosecution agreement to funneling $60 million through dark money groups to secure the passage of Ohio House Bill 6, which levied charges on customer bills to bail out the company’s uneconomic coal and nuclear plants. In November 2025, Ohio regulators ordered a $250 million penalty against FirstEnergy for its role in the scheme, citing the legislation’s purpose of propping up aging coal plants. An audit by Daymark Energy Advisors, presented in 2025 regulatory hearings, found spending on these plants could not be traced to proper cost causation. FirstEnergy has not announced a phase-out plan for its coal generation. Its integrated operations—from mining marketing to generation—and the scale of its coal-fired capacity demonstrate coal remains a primary business activity. |
| HCC | WARRIOR MET COAL INC | Warrior Met Coal is a U.S.-based producer dedicated entirely to mining metallurgical coal, a critical input for steelmaking. Its operations are concentrated in Alabama, where it extracts and processes this non-thermal coal for export to steel manufacturers in Europe, South America, and Asia. The company’s business model is singularly focused on this commodity. The company’s operational record is marked by significant and repeated federal safety violations. In April 2025, public reports highlighted that Warrior Met Coal’s Alabama mining complexes had accumulated thousands of federal safety violations issued by the Mine Safety and Health Administration under multiple administrations. This pattern of regulatory non-compliance extends to specific enforcement actions; in 2025, the Federal Mine Safety and Health Review Commission upheld complaints against Warrior Met Coal for unlawfully disciplining and terminating miners. Despite its corporate messaging as an “environmentally and socially minded supplier,” this documented history of systemic safety failures and labor disputes contradicts its stated commitments. The company’s core activity remains the extraction of metallurgical coal, an energy-intensive process with inherent environmental impacts, with no announced transition plan away from fossil fuel dependency. |
| DTE | DTE Energy Co | DTE Energy operates a fleet of coal-fired power plants that historically constituted its primary generation source. As of recent reporting, coal still accounted for approximately 60% of its electricity generation mix. The company's subsidiary, Midwest Energy Resources Company, is a significant coal logistics operation that sources, blends, and transports western coal via rail, vessel, and truck for domestic and international customers. In February 2026, a U.S. District Court ordered DTE and its subsidiary, EES Coke Battery, to pay a $100 million penalty for Clean Air Act violations at a coke-making facility in Michigan. The court found emissions from the facility caused asthma attacks, heart attacks, strokes, and increased blood pressure in the surrounding community. The ruling detailed that DTE Energy Company controlled the subsidiary's cash and all environmental expenditures, establishing direct liability. This penalty is among the largest ever imposed for stationary source air violations. While DTE Energy publicly states it is pursuing a transformation to lower its use of coal, its generation fleet remains heavily coal-dependent, and it continues to operate a material coal transportation and trading business. The company has not announced a phase-out date for its remaining coal plants. |
| HNRG | HALLADOR ENERGY | Hallador Energy operates through its subsidiary Sunrise Coal, LLC, which is Indiana's third-largest coal producer. The company mines high-quality bituminous thermal coal from underground mines in the Illinois Basin. This coal is processed and transported to power plants, forming the core of Hallador's vertically integrated dispatchable energy platform. Coal mining and related operations are the company's primary business activity. The company's operations have resulted in regulatory penalties. In 2023, Sunrise Coal, LLC was penalized $7,849 by the Mine Safety and Health Administration (MSHA), as documented by ViolationTracker. A separate 2023 enforcement action cited a Hallador-associated power plant for violating air pollution rules by producing unacceptably high levels of dense smoke, a threat to public health. The company also faces ongoing litigation where plaintiffs allege violations of the Fair Labor Standards Act and state law at its coal operations. Hallador Energy acknowledges the structural decline in demand for thermal coal in the U.S., driven by the retirement of coal-fired power plants. Despite this market shift, the company continues to base its business model on the extraction and burning of coal, with no announced plan to phase out its core mining operations. |
| CRPJY | China Resources Power Holdings Co Ltd | China Resources Power Holdings operates a generation fleet that is overwhelmingly dependent on coal. Its Thermal Power segment, which constitutes its primary business activity, is engaged in the investment, development, operation, and management of coal-fired power plants. Historical disclosures indicate the company has relied on coal for more than 92% of its power generation. The company is also vertically integrated into coal extraction. Its operations include a Coal Mining segment, and it has historically pursued acquisitions of coal mining assets. In 2013, these activities drew significant regulatory scrutiny. A lawsuit filed in Hong Kong alleged the company "suffered serious loss and damage" from its acquisition of coal mining assets with expired permits, leading to a formal audit by Beijing authorities and the subsequent investigation of company president Wang Yujun in 2014 for allegations of overpaying for coal mines. While the company has a Renewable Energy segment, its core business model remains anchored in the ownership and operation of coal-burning power plants, with an integrated coal mining operation supporting that fleet. There is no public commitment or plan to phase out its coal-based power generation. |
| CEIX | CONSOL Energy Inc | CONSOL Energy Inc. is a producer and exporter of high-Btu bituminous thermal and metallurgical coal. Its primary business activity is the extraction, processing, and transportation of coal from its Pennsylvania Mining Complex. The company's diversified activities also include coal terminal operations, underscoring its central role in the coal supply chain. The company has a history of regulatory and legal issues tied to its operations. This includes a federal court victory for the EEOC in an employment discrimination lawsuit against its subsidiary, Consolidation Coal Company. Furthermore, a 2024 federal judge found merit in a case alleging CONSOL engaged in a decades-long scheme to deprive retired coal miners of lifetime health benefits. The company has also been subject to a consent decree with the State of West Virginia for violations of the Surface Coal Mining and Reclamation Act. [Note: The gathered evidence details specific legal and labor issues but does not provide quantitative metrics on the scale of CONSOL's coal operations, such as production volume, revenue percentage, or customer data. This gap limits the narrative's specificity regarding the materiality of coal as the company's primary business activity.] |
| COALINDIA | Coal India Ltd | Coal India Limited is the world's largest government-owned coal producer, mining over 770 million tonnes of coal in the 2023-24 financial year. The company operates 352 mines across eight Indian states, accounting for over 80% of India's domestic coal production. Its core business is the mining, processing, and sale of thermal coal, which constitutes its primary revenue source. The company's operations have been linked to significant community and environmental harm. A 2023 investigation by Amnesty International documented that Coal India's rapid expansion has bulldozed human rights, violating the rights of Adivasi and other forest-dwelling communities to consultation and consent regarding land acquisition and environmental impacts. The company has also faced repeated regulatory scrutiny. In 2012, the Competition Commission of India (CCI) levied a penalty against Coal India for unfair trade practices and abuse of dominance. While a 2025 CCI order dismissed a specific allegation concerning its e-auction scheme, the company's market position remains dominant. Furthermore, Coal India was implicated in the "Coalgate" scandal, a major political controversy concerning the Indian government's allocation of coal mining rights. |
| EVRG | Evergy Inc | Evergy operates a generation fleet that remains heavily reliant on coal-fired power plants. As of its 2024 annual report, coal and other solid fuels accounted for approximately 35% of its total megawatt-hour generation. The utility is actively engaged in the coal supply chain, as evidenced by a July 2025 lawsuit in which Evergy sought $55 million in damages from BNSF Railway for failure to deliver coal shipments in 2022. The company has a documented pattern of non-compliance with environmental regulations governing its coal operations. In November 2022, the U.S. Environmental Protection Agency (EPA) reached a settlement with Evergy Kansas Central Inc. over alleged violations of Coal Combustion Residuals (CCR) rules at multiple facilities. A July 2025 Kansas Corporation Commission document also cited a "bait and switch" position from Evergy regarding planned coal plant retirements in its integrated resource plan. External assessments, including a September 2025 Sierra Club report, have graded Evergy poorly for a "multi-year backslide" on renewable investments and greenhouse gas reduction efforts. Despite public commitments to clean energy, coal remains a material and ongoing part of Evergy's business model. |
| GMDCLTD | Gujarat Mineral Development Corp Ltd | Gujarat Mineral Development Corporation Limited (GMDC) is a state-owned mining company and India’s leading producer and merchant seller of lignite, a low-grade form of coal. The company operates multiple lignite mines, including the large Mata-No-Madh and Rajpardi operations, which form the core of its business activity. The company’s operations have been central to regulatory and legal controversies in India’s coal sector. In 2015, the Supreme Court of India hauled up the state of Gujarat for non-cooperation with a Central Bureau of Investigation probe into coal block allocations, specifically regarding two deallocated blocks allotted to GMDC. The company was also involved in litigation to quash a 2012 order invoking a bank guarantee related to a coal block. More recently, in 2025, the Competition Commission of India closed an investigation into alleged cartelization and bid-rigging in coal block auctions from 2015 and 2023, a probe in which GMDC was named. GMDC has announced no plans to phase out its lignite mining operations. Its corporate materials continue to promote its status as the country’s number one lignite seller, indicating coal remains its primary business activity. |
| PNM | PNM Resources Inc | PNM Resources (renamed TXNM Energy, Inc. in August 2024, ticker changed to TXNM) retains a 13% ownership stake in Units 4 and 5 of the Four Corners Power Plant, a 1,540 MW coal-fired facility operated by Arizona Public Service in northwest New Mexico. PNM's share is approximately 200 MW. The company's participation agreement runs through 2031, and APS announced in August 2025 that it intends to extend Four Corners operations to 2038 — a timeline that could affect PNM's exit. PNM's former primary coal asset, the San Juan Generating Station, was fully retired in September 2022 and demolished in August 2024. PNM attempted to exit Four Corners early in 2020, proposing to transfer its stake to the Navajo Transitional Energy Company, but the New Mexico PRC denied the application in 2021 for insufficient evidence of replacement resources. The New Mexico Supreme Court upheld the denial in July 2023. Coal still accounts for a material share of PNM's delivered energy due to Four Corners' high capacity factor. A pending acquisition by Blackstone Infrastructure, announced May 2025, may alter the corporate structure but has not changed the coal exit timeline. |
| 9508 | Kyushu Electric Power Co Inc | Kyushu Electric Power Co., Inc. operates a generation fleet that remains heavily dependent on coal-fired power. As of March 2024, coal-fired power plants accounted for approximately 40% of the company's total electricity generation capacity. The company's owned coal-fired assets include the 2-gigawatt Shin-Oita Power Station and the 1.8-gigawatt Shin-Karatsu Power Station, with significant additional capacity held through joint ventures. This coal reliance places Kyushu Electric among the most carbon-intensive utilities in Japan. Despite international calls for an urgent coal phase-out, Kyushu Electric continues to invest in and operate coal-fired generation. A 2023 analysis by ActionAid Denmark and Urgewald identified Kyushu Electric as one of the Japanese "coal giants" in which Norway's sovereign wealth fund maintained investments, noting the company's ongoing role in the global coal industry. The company's long-term decarbonization strategy relies heavily on unproven co-firing technologies with ammonia and hydrogen, rather than committing to a definitive coal phase-out timeline aligned with the Paris Agreement. |
| CUAEF | China Shenhua Energy Co Ltd | China Shenhua Energy Co Ltd is the world’s largest coal producer by volume and a subsidiary of the state-owned China Energy Investment Corporation. Its primary business activity is the mining, processing, and sale of thermal coal, which it also uses to fuel a significant portion of its own power generation fleet. The company operates massive integrated coal-to-power complexes, where coal mining and coal-fired electricity generation are vertically combined, making coal extraction and combustion central to its operational model. This structure places the company at the core of the global coal industry. The scale of its operations is immense. As the flagship coal producer for the world’s largest coal-consuming nation, Shenhua’s production volumes are a material driver of global coal supply. Its business model is predicated on the continued extraction and burning of thermal coal, with no announced plan to phase out its core fossil fuel operations. The company’s integrated approach—mining coal and using it to generate power—demonstrates a deep, structural commitment to the coal value chain from resource to electricity. |
| OGE | OGE Energy Corp | OGE Energy Corp operates a generation fleet that is approximately 42% coal-fired, with its two largest power plants—the Sooner and Muskogee facilities—burning coal as their primary fuel. This reliance on coal for nearly half of its electricity generation makes it one of the more carbon-intensive utilities in its regional market. In 2013, the U.S. Environmental Protection Agency sued Oklahoma Gas & Electric, a subsidiary, alleging the company failed to properly estimate emission increases before upgrading its coal plants without required permits. The utility subsequently faced potential costs of approximately $1 billion to install emission controls at its Oklahoma coal plants to comply with federal regulations. The company’s ongoing operation of these coal-fired units, without a public commitment to retire them by a specific date, contrasts with sector trends toward decarbonization. While OGE Energy also operates natural gas generation and has some renewable energy investments, its continued material dependence on coal for base-load power places it squarely within the exclusion category for coal operations. |
| CMS-B | CMS Energy Corp | CMS Energy, through its subsidiary Consumers Energy, operates the J.H. Campbell coal-fired power plant in Michigan. The plant has been the subject of multiple consecutive U.S. Department of Energy emergency orders under Section 202(c) of the Federal Power Act, which have compelled its continued operation. In July 2025, Michigan Attorney General Dana Nessel filed an appeal challenging the legality of these orders, arguing they exceed the DOE's statutory authority and illegally extend the plant's life. A subsequent court challenge filed in December 2025 marked the first-ever legal action against the DOE's use of this authority. As of June 2024, CMS Energy carried a recorded liability of $44 million related to the potential environmental cleanup of its co-owned Ludington Pumped Storage facility, indicating legacy environmental obligations tied to its operations. While the company publicly promotes a "Cleaner, Leaner Vision" and a multi-billion dollar capital plan aimed at transformation, its ongoing legal and operational entanglement with coal-fired generation remains a material part of its business profile. |
| GLNCY | Glencore PLC | Glencore plc is one of the world's largest producers and exporters of seaborne thermal and metallurgical coal. The company is the biggest producer of thermal coal in Australia and its coal operations are a primary business activity, integral to its identity as a global diversified natural resource company. Glencore has a documented pattern of severe environmental and human rights violations connected to its mining operations. In Peru and Colombia, the company has been repeatedly accused of causing significant environmental damage and human rights abuses at its mines. These operations have been the subject of international arbitration, including a case submitted to the ICSID concerning alleged breaches of a bilateral investment treaty between Colombia and Switzerland. The company's conduct extends beyond operational impacts to systemic governance failures. In 2022, Glencore agreed to pay $1.185 billion in penalties to resolve global bribery and market manipulation cases. This record of serious misconduct, coupled with its central role in the global coal trade, defines the company's operations. |
| RWE | RWE AG | RWE AG operates one of Europe’s largest fleets of coal-fired power generation, primarily burning lignite from its own mines. The company’s Niederaussem power station, with a capacity of over 2.7 gigawatts, is among the largest lignite-fired plants in Germany. While RWE has announced a coal phase-out plan aligned with Germany’s national exit law, its current operations remain heavily reliant on coal; the company’s hard-coal and lignite plants collectively represent a significant portion of its conventional generation capacity. RWE Power AG, a key subsidiary, manages these coal assets and the associated mining operations. The company’s coal operations have been a major source of greenhouse gas emissions. RWE reports that its planned phase-out will avoid an estimated 280 million tonnes of CO₂. However, this transition is legally mandated by the German coal exit law, not a voluntary corporate initiative. Until the phase-out is complete, RWE continues to extract lignite and generate electricity from coal, maintaining its position as one of Europe’s top carbon emitters from power generation. |
| DMC | DMCI Holdings Inc | DMCI Holdings derives significant revenue from coal mining through its subsidiary Semirara Mining and Power Corporation, one of the largest coal producers in the Philippines. The company extracts coal from the Semirara Island mine, which supplies both domestic power generation and export markets. This operation is a core segment of the conglomerate's diversified business, which also includes nickel mining, power generation, and construction. The company's mining operations have a documented history of environmental violations and community opposition. In 2016, environmental groups labeled DMCI an "example of irresponsible mining" and "shameless environmental criminals" in protests calling for the closure of its operations. Its coal mine in Semirara and nickel mines in Zambales and Palawan have faced repeated suspensions due to environmental breaches. While DMCI presents itself primarily as an engineering and construction firm, its strategic direction continues to emphasize mining; as recently as May 2024, the company announced it was looking to acquire additional coal mining assets. |
| BTU | Peabody Energy Corp | Peabody Energy is a leading global producer and marketer of coal, deriving its primary revenue from the mining, sale, and distribution of thermal coal for electricity generation and metallurgical coal for steelmaking. Its operational portfolio is centered on core coal-producing regions including the Powder River Basin, the Illinois Basin, and Asia-Pacific. The company has been implicated in significant industry misconduct. In 2023, Peabody was named in an industry-wide coal quality fraud scandal in Australia, where miners were alleged to have falsified data on coal supplies. Further, Peabody has a documented history of using its influence to oppose climate action; a 2016 investigation revealed the company funded at least two dozen groups that cast doubt on anthropogenic climate change and opposed environmental regulations. The company also faces regulatory scrutiny for anti-competitive behavior, with the Federal Trade Commission having pursued action over a joint venture between Peabody and Arch Coal, citing a reasonable probability of harm to competition in the SPRB coal market. |
| ETR | Entergy | Entergy Corporation operates coal-fired power plants that rank among the highest emitters of sulfur dioxide and nitrogen oxides in the United States. The White Bluff plant ranked sixth and the Independence plant ranked twelfth nationally for harmful SO2 and NOx emissions among hundreds of U.S. power plants. Environmental groups alleged that Entergy illegally modified the White Bluff and Independence coal plants without permits and increased emissions in violation of the Clean Air Act. A federal settlement approved by U.S. District Judge Kristine Baker on March 11, 2021, requires Entergy to stop burning coal at White Bluff by the end of 2028 and Independence by the end of 2030. The Lake Catherine gas plant must close by 2027. Entergy also agreed to bring 800 MW of renewable energy to the Arkansas Public Service Commission for approval by 2027. Closure of the two coal plants is projected to save Arkansas ratepayers $2 billion through avoided pollution control investments. The settlement resolved allegations brought by the Sierra Club and the National Parks Conservation Association. |
| KEP | Korea Electric Power Corp | Korea Electric Power Corporation (KEPCO) is South Korea's state-owned electric utility and the country's largest single emitter of greenhouse gases. Its power generation subsidiaries operate a fleet that is heavily reliant on coal-fired thermal plants. In 2023, these subsidiaries generated approximately 27% of South Korea's total national emissions. The company's continued operation and expansion of coal-fired capacity is a primary business activity. In August 2025, six South Korean farmers filed a landmark civil lawsuit against KEPCO and its five power generation subsidiaries. The suit demands financial compensation for climate-related damages to their farms, marking the first climate lawsuit in South Korea to seek such redress. This legal action directly links the company's coal combustion to tangible harm. Furthermore, in 2023, KEPCO was among the Korean power companies preparing litigation against Australian coal suppliers and a testing laboratory over allegations of a "fake-coal" quality scam, indicating its significant and ongoing role in the global thermal coal market. |
| 9509 | Hokkaido Electric Power Co Inc | Hokkaido Electric Power Co., Inc. (HEPCO) operates a generation fleet that is heavily reliant on coal-fired power plants. As of its most recent reporting, the company's key thermal power stations include the Tomato-Atsuma Power Station, which comprises multiple large-scale coal-fired units. This facility is central to HEPCO's baseload power supply for the Hokkaido region. The company's integrated business model involves the ownership and operation of these coal-fired generation assets, not merely the trading of fuel. A 2016 analysis by the University of Oxford's Smith School of Enterprise and the Environment identified Japanese utilities, including HEPCO, as having significant stranded asset risk due to their exposure to thermal coal generation. The company's long-term power source development plans, referenced in its investor materials, continue to feature these coal-fired assets without a published phase-out schedule aligned with global climate targets. HEPCO's operational and financial results are directly tied to the continued use of coal as a dominant fuel source. |
| AEE | Ameren Corp | Ameren Corporation operates a generation fleet that remains heavily reliant on coal-fired power. As of its 2024 Sustainability Report, Ameren Missouri's regulated utility subsidiary has approximately 10,000 MW of total electric generation capability, with coal constituting a dominant portion of its fuel mix. The company's integrated resource plan indicates a continued, material dependence on coal generation to serve its 1.2 million electric customers in Missouri. While Ameren has announced long-term decarbonization goals, its current operational footprint and planned transition timeline maintain a significant coal baseload. Reclaim Finance's 2021 Coal Companies Watchlist assessed corporate coal phase-out plans globally and found the vast majority, including those of U.S. utilities, to be partial or misaligned with climate science demands, often due to delayed retirement schedules or conversion plans to other fossil fuels. Ameren's ongoing operation of major coal-fired plants places it within the scope of companies for which coal remains a primary business activity. |
| NI | NiSource | NiSource's subsidiary NIPSCO (Northern Indiana Public Service Company) operates coal-fired generation at two facilities. The R.M. Schahfer Generating Station in Jasper County includes Units 17 and 18, each rated at 424 MW, for a combined 848 MW of coal capacity. Schahfer was scheduled to retire on December 31, 2025, but DOE Emergency Order 202-25-12, issued December 23, 2025, compelled continued operation through at least March 2026. The Michigan City Generating Station includes Unit 12, a 540 MW supercritical coal unit online since 1974, with planned retirement between 2026 and 2028. NIPSCO has already retired over 1,000 MW of coal at Schahfer Units 14 and 15 (2021) and is building approximately 3,350 MW of replacement solar and storage capacity. The company's 2018 IRP committed to a full coal exit, originally by 2028. The DOE emergency orders and potential extensions introduce regulatory uncertainty that could delay the timeline. Earthjustice and the Sierra Club have filed legal challenges to the DOE orders. Total current coal capacity is approximately 1,388 MW. |
| NRP | Natural Resource Partners L.P. | Natural Resource Partners L.P. is a master limited partnership principally engaged in owning and managing mineral reserve properties, with its primary revenue driver being metallurgical coal. The company leases and manages coal reserves across the United States, deriving the vast majority of its income from royalties on coal production. Its business model is centered on the extraction and sale of coal, a primary activity under the coal operations exclusion. A 2024 company analysis notes that metallurgical coal, used to fuel blast furnaces for steelmaking, is the primary driver of Natural Resource Partners LP's business. The company's operations and legal engagements, as evidenced by court documents, are deeply intertwined with coal mining. For instance, a 2022 Montana Supreme Court filing involved a dispute concerning coal quality from a specific mine, highlighting the materiality of coal assets to the partnership's lessees and, by extension, to NRP's royalty stream. The company has no announced plan to transition away from coal as its core asset. |
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