Coal markets in the United States have seen significant change in the past several years, with more price correlation to other energy commodities, namely natural gas, and with large shifts in demand driven by environmental compliance. L.E. Peabody & Associates, Inc. has experience analyzing coal markets across the country, including the Powder River Basin and other Western basins, Illinois Basin, and Appalachian Basin. We have supported over 60 electric utilities with market and contract analyses related to coal supply and transportation. For these clients, the Firm analyzes fuel production costs and the determination of the relationship of such costs to market prices and existing fuel supply agreements. We also focus on the interrelationships among fuel supply, fuel transportation and related equipment, and infrastructure needs to improve our clients' position within power production markets.