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As per page 3 of CSX's 2012 10K, its coal business accounted for 20 per cent of its volumes and 27 per cent of its revenues.  The merchandise business accounted for 42 per cent of volume and 57 per cent of revenues. Intermodal racked up 38 per cent of the volume and 14 per cent of revenue, with other revenues of 2 per cent accounting for the difference. The 2013 numbers are similar - I don't have the 2013 10K yet. Approximately half of the coal volume and presumably half of the coal revenues was for coal destined for overseas users.  Thus, it is likely that CSX, as well as NSC, will see a decline in their coal business, but it is likely to happen over a relatively long period of time.  Last year, if my memory is correct, coal was used to generate approximately 38 per cent of the nation's electricity.  This number is expected to decline over the years, but it is not likely to fall off a cliff. A key point in this discussion, from my point of view, is the recognition that America's freight railroads are going great guns because they reinvented themselves. Prior to the Staggers Act they were required to provide service to markets that could not or would not pay for them, and they could not reinvent themselves. Staggers gave them the opportunity to stop serving markets that could not be supported and focus instead on markets where the participants would pay for the services.
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