Consol Energy said in December it planned to separate itself from the coal business, but the makeover for the Pennsylvania company began earlier this decade amid a boom in domestic natural-gas exploration. Consol Energy said its board has approved its plan to spin off its coal business, Consol Mining. The company will sell the assets of its coal-fired power plants in Illinois and West Virginia for about $900 million, including a stake in one of those plants, according to people familiar with the matter. Consol Mining shares will be distributed to Consol Energy shareholders on a pro rata basis once the company has listed on the New York Stock Exchange.
Consol Energy said its board has approved its plan to spin off its coal business, Consol Mining. The company will sell the assets of its coal-fired power plants in Illinois and West Virginia for about $900 million, including a stake in one of those plants, according to people familiar with the matter. Consol Mining shares will be distributed to Consol Energy shareholders on a pro rata basis once the company has listed on the New York Stock Exchange.