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Alpha Natural inks $19M coal supply agreement with 2 Ky. utilities

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Alpha Natural inks $19M coal supply agreement with 2 Ky. utilities

Alpha CoalSales Co. LLC, a unit of AlphaNatural Resources Inc., signed a $19 million supply agreement withtwo Kentucky utilities in February.

Louisville Gasand Electric Co. and KentuckyUtilities Co. agreed to buy 500,000 tons of coal for delivery in2017 at the annual base price of $38 per ton, with some possible adjustmentsbased on quality of the product. Assuming the base price and quantity set forthin the agreement, Alpha will stand to make $19 million from the coal sale.

The coal supplied in the agreement will come from theCumberland mine in Pennsylvania, which Alpha is currently for sale as part of its effortto split assets into core and non-core during a Chapter 11 bankruptcyrestructuring.