The new regs handed down from the EPA have crushed coal in the wake of the beating the industry has taken from the market. (Fracking and super cheap natural gas is what put coal initially on the ropes.) So in classic Soros style the crony baron has swept in to pick up big pieces of decimated coal companies.
(From The Daily Caller)
Last week, Obama’s EPA announced sweeping regulations for U.S. power plants, forcing them to drastically reduce carbon dioxide emissions 32 percent by 2030. The news sent shockwaves through the coal industry, sending stocks tumbling and forcing the industry’s two biggest players to consider bankruptcy filings.
That’s where liberal billionaire Soros steps in. In the days after the Clean Power Plan was announced, Soros bought more than 1 million shares of Peabody Energy and 553,200 shares of Arch Coal — the country’s two biggest publicly-traded coal companies.
Both Peabody and Arch Coal “have seen their market values plummet” due to “competition from cheap natural gas, new environmental regulations and a slowing export market,” according to SNL Financial. Soros was able to pick up these coal stocks on the cheap, in part, due to Obama administration regulations targeting coal-fired power plants and coal mines.
*It should also be noted that Soros hired Cathy Zoi, former acting undersecretary of Energy at the Department of Energy back in 2011.