Luminant cuts about 600 jobs as it closes Texas coal plants

Electricity generator Luminant is cutting about 600 jobs as it closes three coal-fired power plants and a mine in Texas.

The Texas Workforce Commission said Monday that Luminant plans to make the layoffs in January.

Luminant previously announced that it would shutter the Monticello, Big Brown and Sandow power plants. The filing with regulators puts a number on the affected jobs, nearly half of which are at the Three Oaks mine near Elgin, Texas.

The company is closing the power plants because of competition from cheap natural gas, low wholesale power prices and an increase in renewable generation.

Luminant is part of Irving, Texas-based Vistra Energy Corp., which also owns Texas electric retailer TXU Energy.

View more information:

See more articles in category: Finance
READ:  Magnum Hunter Resources Corp (MHR) Stock Down 10% Again: Here's Why

Leave a Reply

Back to top button