ST. LOUIS, Nov. 9, 2015 /PRNewswire/ -- Peabody Energy
(NYSE: BTU) announced today that it has reached a resolution with
the New York Attorney General's
(NYAG) office regarding the company's disclosures involving climate
change.
Following an extensive eight-year investigation initially
discussed in the company's 2007 disclosures, Peabody has agreed to
amend its disclosures. There is no other action associated with
this settlement, no admission or denial of wrongdoing and no
financial penalty. The company has always sought to make
appropriate disclosures. Subsequent disclosures evolve over
time, and the most recent disclosures planned for the company's
third quarter 2015 Form 10-Q address the matters raised by the
New York Attorney General.
Through the agreement, the company agreed to modifications in
its financial disclosures centering around two primary areas:
- The use of the International Energy Agency's (IEA) World Energy
Outlook scenarios. Peabody has long cited IEA's World Energy
Outlook regarding global energy scenarios. In the future, the
company has agreed to enhance its disclosure around all the
published scenarios when referencing IEA's World Energy
Outlook.
- The ability of the company to estimate impacts from prospective
future laws or regulations. The company has previously stated
that it cannot predict the impact of potential laws or regulations
on Peabody due to the uncertainty surrounding those
predictions. Nonetheless, the company has agreed that any
future statements concerning the difficulty of making particular
projections or predictions shall be accompanied by a statement that
Peabody has made projections of the impact of scenarios involving
certain potential laws and regulations relating to climate change
or coal, which could result in materially adverse effects on its
markets or company. To evaluate risks and allocate capital,
Peabody has examined the potential impact of hypothetical future
laws on coal markets.
Moving forward, Peabody believes that technology is the bridge
to a low-emissions future for a world experiencing rising
electricity demand to satisfy urbanization and offer a higher
quality of life. Peabody has been among the most vocal
companies worldwide in advocating clean coal technologies,
including greater deployment of high-efficiency low-emissions
coal-fueled plants and development of next-generation carbon
capture, use and storage technologies.
Peabody has been involved in major global initiatives to reduce
carbon emissions for nearly two decades. Among other current
activities, Peabody is:
- The only non-Chinese equity partner in GreenGen, a 250 megawatt
integrated gasification combined cycle power plant in Tianjin, China. GreenGen is expected to
increase generation to 650 megawatts in later stages and plans to
add carbon dioxide capture for enhanced oil recovery;
- A founding member of the China
and U.S. Energy Cooperation Program pursuing clean energy;
- A founding member of the Consortium for Clean Coal Utilization
advancing coal and energy research at Washington University in St. Louis;
- A founding member of the COAL 21 Fund in Australia supporting technology research and
demonstration, and a founding member of the Global Carbon Capture
and Storage Institute in Canberra,
which has a mandate of developing carbon capture projects.
Peabody Energy is the world's largest private-sector coal
company and a global leader in sustainable mining, energy access
and clean coal solutions. The company serves metallurgical
and thermal coal customers in more than 25 countries on six
continents. For further information, visit PeabodyEnergy.com
and AdvancedEnergyForLife.com.
CONTACT:
Vic Svec
(314) 342-7768
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SOURCE Peabody Energy