Massey Energy’s Don Blankenship Agrees With President Obama’s Energy Department Analysis Showing ‘The Future Is Coal’
JULIAN, W.Va., Dec. 23 /PRNewswire/ — Massey Energy Chairman and CEO Don Blankenship today commented on the release of new projections by the U.S. Department of Energy that fossil fuels will continue to supply the vast majority of America’s energy needs for the next 25 years.
“This study confirms that there will always be a market for abundant, affordable electric power generated by coal,” Mr. Blankenship said. “We need to keep politicians from meddling in the energy market with cap-and-trade proposals and regulatory schemes. We should encourage American businesses to create jobs and build prosperity by using coal.”
The U.S. Energy Information Agency, the independent statistical research agency of the U.S. Department of Energy, earlier this week released the Annual Energy Outlook 2010 Early Release with Projections to 2035. An analysis of the DOE report conducted by the Institute for Energy Research found that fossil fuels are expected to supply 78 percent of our energy needs in 2035, compared to 84 percent today. By 2035, the DOE predicts coal demand to be up by 12 percent, demand for liquid fuels and other petroleum up by approximately 10 percent, and natural gas demand up by almost 7 percent, all from 2008 levels.
“Today’s announcement only validates the well-known fact that fossil fuels will continue to power America for decades to come,” said Mary J. Hutzler, former EIA deputy administrator and a distinguished senior fellow at the Institute for Energy Research. “Fossil fuels remain dominant and necessary for economic growth and this analysis reinforces that,” Hutzler said.
Massey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the largest coal producer in Central Appalachia and is included in the S&P 500 Index.
Forward Looking Statements
FORWARD-LOOKING STATEMENTS: Certain statements in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. Any forward-looking statements are also subject to a number of assumptions regarding, among other things, future economic, competitive and market conditions. These assumptions are based on facts and conditions as they exist at the time such statements are made as well as predictions as to future facts and conditions, the accurate prediction of which may be difficult and involve the assessment of circumstances or events beyond the Company’s control. The Company disclaims any intent or obligation to update these forward-looking statements unless required by securities law, and the Company cautions the reader to not rely on them unduly. Caution must be exercised in relying on forward-looking statements including disclosures that use words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “may,” “plan,” “project,” “will,” and similar words or statements that are subject to risks, trends and uncertainties that could cause the Company’s actual results to differ materially from the expectations expressed or implied in such forward-looking statements. Factors potentially contributing to such differences include, among others: the Company’s cash flows, results of operation or financial condition; worldwide market demand for coal, electricity and steel; the successful completion of acquisition, disposition or financing transactions; future economic or capital market conditions; foreign currency fluctuations; governmental policies, laws, regulatory actions and court decisions affecting the coal industry or our customers’ coal usage; competition among coal producers in the United States and internationally; inherent risks of coal mining beyond the Company’s control, including weather and geologic conditions or catastrophic weather-related damage; the Company’s ability to expand mining capacity; the Company’s production capabilities to meet market expectations and customer requirements; the Company’s ability to obtain coal from brokerage sources or contract miners in accordance with their contracts; the successful implementation of the Company’s strategic plans and objectives for future operations and expansion or consolidation; the Company’s assumptions and projections concerning economically recoverable coal reserve estimates; the Company’s assumptions and projections regarding pension and other post-retirement benefit liabilities; the Company’s interpretation and application of accounting literature related to mining specific issues; failure to receive anticipated new contracts; the Company’s reliance upon and relationships with our customers and suppliers; the creditworthiness of the Company’s customers and suppliers; adjustments made in price, volume or terms to existing coal supply agreements; the Company’s ability to manage production costs, including labor costs; the Company’s ability to timely obtain necessary supplies and equipment; the Company’s ability to obtain and renew permits necessary for existing and planned operations; the availability and cost of credit, surety bonds, and letters of credit that the Company requires; the Company’s ability to attract, train and retain a skilled workforce to meet replacement or expansion needs; the cost and availability of transportation for the Company’s produced coal; legal and administrative proceedings, settlements, investigations and claims and the availability of insurance coverage related thereto; the lack of insurance coverage against all potential operating risk; and environmental concerns related to coal mining and combustion and the cost and perceived benefits of alternative sources of energy such as natural gas and nuclear energy.
Additional information concerning these and other factors can be found in press releases and Massey’s public filings with the Securities and Exchange Commission, including Massey’s Annual Report on Form 10-K for the year ended December 31, 2008, which was filed on March 2, 2009, and subsequently filed interim reports. Massey’s filings are available either publicly, on the Investor Relations page of Massey’s website, www.masseyenergyco.com, or upon request from Massey’s Investor Relations Department: (866) 814-6512 (toll free). For further information, please visit Massey’s website at www.masseyenergyco.com.
SOURCE Massey Energy Co.