Robert Murray of Murray Energy said he wants to clear up a misconception.
He said on Monday in New York, he was asked how he could save the coal mining industry.
He said his answer was reported to be that he would buy the power plants so he could own both the mines and the plants.
But he said there is a lot more to it than that.
Robert Murray said his remarks were greatly over-simplified.
He said he was thinking outside the box which is what it would take to succeed.
But in his words “I don’t have the money to buy power plants.”
He says what he said was that one possibility would be to “vertically integrate” to own both the mines and the power plants.
But it would take more than him.
Murray Energy Chairman, President & CEO, Robert Murray said, “It would not be Murray Energy, it would be in conjunction with a consortium of financial investors that might look at that concept. Is it doable? The financial ramifications of that are so complicated that it’s probably never able to be done.”
He said he will keep trying to find a way to keep coal fired power plants open.
He said he cares deeply about the people of the Ohio Valley, saying they are his friends and relatives.
He stressed he doesn’t want them to believe there is a quick fix in the works.
In his words, “there may never be a quick fix.”