By Tom VilsackThe Kosmos energy giant that runs Kentucky’s coal-fired power plant, Duke Energy, reported a record-setting fall in profits for the third quarter of 2017.
The company reported a net loss of $2.7 billion, or 1.5%, to $8.5 billion, according to the company’s latest quarterly earnings report released on Thursday.
The total profit for the year was up 3% from the same quarter last year.
Duke Energy is facing a $20 billion fine by the U.S. Environmental Protection Agency and is being investigated by the state Department of Justice for alleged fraud and deceptive conduct.
Dukes earnings have been hurt by falling coal prices.
Coal prices plunged from a high of $120 a ton in late 2016 to $40 a ton as the U:S.
and international sanctions against Iran took effect.