NEW YORK (TheStreet) -- Walter Energy (WLT) shares are down -4.9% to $4.64 following an EPA proposal to cut carbon-dioxide emissions by 30% by 2030.
The emissions reduction proposal is the centerpiece of President Obama's climate-change agenda.
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The EPA expects to meet these goals by relying on four different options including energy efficiency, shifting from coal to natural gas, investing in renewable energy and making power plant upgrades.
The power sector is currently responsible for 38% of the country's carbon emissions.
Walter Energy released this statement today, "Because the rules issued today by EPA are aimed at controlling CO2 emissions from existing domestic power plants, we do not expect the regulation will have any material impact on Walter Energy. We primarily mine and sell metallurgical grades of coal that are used in making steel, not generating electricity. Approximately 95% of the company's coal-related revenues come from the export of metallurgical coal."
Other energy stocks that could be affected by this regulation include Arch Coal (ACI) , CONSOL Energy (CNX) , Peabody Energy (BTU) and Alpha Natural Resources (ANR).
TheStreet Ratings team rates WALTER ENERGY INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: