Coal & Thermal Power Generation
Operators of coal-fired, biomass, and oil-fired thermal power generation assets.
- 4
- Verticals
Overview
Coal & Thermal Power Generation covers electricity produced from coal and other thermal fossil sources. Once the backbone of U.S. power, coal generation is in structural, accelerating decline — displaced by cheaper natural gas and renewables and pressured by emissions regulation and decarbonization — with plants retiring across the country.
Demand is shrinking as the coal fleet ages and retires, though some plants persist for reliability and in coal-dependent regions, and retirement timing is occasionally extended amid load-growth and reliability concerns. It is a declining, consolidating segment defined by managed wind-down, retirement, and site repurposing (often to gas, solar, or storage).
Market snapshot
- Share of generation
- ~15% of U.S. electricity (2024), down from ~45% in 2010 — structural decline
- EIA Electric Power Monthly, 2024
Coal generation is combined with natural gas and oil within fossil-fuel generation (NAICS 221112) and is not separately disclosed; coal is in structural decline (~16% of U.S. generation and falling), so the segment is not separately sized here.
Business model & economics
- Revenue model
- Wholesale power and capacity (declining)
- Recurring revenue
- Moderate — declining baseload generation
- EBITDA margin
- Pressured; managed wind-down
- Capex intensity
- High
- Structural, accelerating decline.
- Displaced by gas, renewables, and regulation.
- Managed retirement and site repurposing.
M&A deal context
Who’s acquiring
What’s driving deals
- Plant retirement and managed wind-down.
- Site repurposing (gas, solar, storage).
- Reliability-driven retirement-timing extensions.
Verticals in this segment
- 6.4.1.1Biomass & Waste-to-Energy Plants
Operators converting biomass and waste to electricity and steam.
- 6.4.1.2Coal-Fired Power Plants
Operators of coal combustion power generation facilities.
- 6.4.1.3Oil-Fired Generation Facilities
Operators of fuel oil combustion power plants.
- 6.4.1.4Thermal Plant Operations & Services
Operations and maintenance contractors for thermal power plants.
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