In our previous investigation, we documented how California's Mine Methane Capture carbon credit program has generated over $680 million in value while the protocol contains zero requirements to monitor water quality in affected communities. Today we follow the money.
Using CARB's official offset credit issuance data — public records that anyone can download — we mapped every mine methane project in West Virginia. The concentration of wealth is striking.
Two Companies, 78% of the Credits
West Virginia has 25 active mine methane projects generating carbon credits. But two operators control the overwhelming majority:
McElroy Green Marketing, LLC — 13 projects, 3,690,325 credits issued. At $28/credit, that's approximately $103 million in carbon credit value. Their projects cluster in Marshall County (8 projects), Harrison County (3), and Marion County (2). Their largest single project — Marshall County VAM Abatement — has generated 1.66 million credits.
Keyrock Environment/Energy, LLC — Operating under two related entities, Keyrock holds 8 West Virginia projects with 2,452,427 credits combined (~$69 million in value). Their Federal 2 Abandoned Mine in Monongalia County generates roughly 337,000 credits per year — approximately $9.4 million annually from a single abandoned mine. Keyrock is also the largest mine methane operator nationally, controlling 38.8% of all credits issued across all states.
Together, these two operators account for 78% of all West Virginia mine methane credits.
Where the Mines Are
Marshall County alone hosts 8 mine methane projects — more than any other county in America. This northern panhandle county, population approximately 30,000, sits along the Ohio River border. The McElroy mine complex there has been generating credits since the program's early days.
The geographic distribution tells a story:
- Marshall County: 8 projects (McElroy Green Marketing)
- Harrison County: 3 projects (McElroy Green Marketing)
- Marion County: 2 projects (McElroy Green Marketing)
- Monongalia County: 1 project — Federal 2 (Keyrock Environment)
- Raleigh County: 1 project — Beckley Pocahontas (Keyrock Energy)
- McDowell County: 1 project — Pinnacle Mine (Keyrock Environment)
- Upshur County: 1 project — Affinity Mine (Keyrock Energy)
Note the pattern: McElroy concentrates in the northern counties. Keyrock spreads across the state, including the southern coalfields where residents report the worst water contamination.
The Verification Industry
Every credit requires third-party verification. A small industry has grown up around auditing these projects:
SES, Inc. has verified 6.3 million mine methane credits — 26.6% of all credits ever issued under this protocol. One firm, auditing over a quarter of the entire program.
Ruby Canyon (which has operated under three names — Ruby Canyon Engineering, Ruby Canyon Environmental, and now TÜV SÜD America/Ruby Canyon) has verified 2.98 million credits (12.6%).
SCS Global Services/SCS Engineers have verified 3.24 million credits combined (13.7%).
These verifiers are paid by the project operators. Their job is to confirm methane was captured and destroyed. Their job is explicitly not to assess environmental impact, water quality, or community health outcomes.
Record Year: 2025
The program is accelerating, not winding down. In 2025, CARB issued 5.9 million mine methane credits — a record — of which 2.02 million came from West Virginia alone. That's $57 million in new West Virginia credit value in a single year.
For context:
- 2023: 2.5 million credits issued (1.18 million from WV)
- 2024: 3.4 million credits issued (818,000 from WV)
- 2025: 5.9 million credits issued (2.02 million from WV)
- 2026 YTD: 885,000 credits issued
The program doubled in two years. More mines being drilled. More methane being captured. More credits being sold. More water potentially being displaced.
Market Dynamics
California carbon credit prices peaked at $41.76/ton in February 2024 and have since dropped to approximately $27.94/ton as of early 2026. Even at reduced prices, the financial incentive remains enormous — the largest WV projects generate $7-10 million per year.
The price floor is set by CARB's auction reserve price (~$24.56 for 2026), meaning credits will never fall below that threshold as long as the program exists. This guarantees ongoing revenue for operators indefinitely.
California emitters can now use offsets for up to 6% of their compliance obligations (increased from 4% in 2026). That expansion means more demand for credits, which means more drilling into abandoned mines, which means more potential water displacement.
Public Records, Public Questions
Every data point in this article comes from public records: CARB's offset credit issuance table, publicly available auction results, and mine permit filings. This information isn't hidden. It's just not compiled in a way that connects the dots between who's profiting and who's being harmed.
We're building a map. Mine methane project locations overlaid with water quality impairment data, drinking water intake locations, and community populations. When it's finished, you'll be able to see exactly which communities sit downstream of which profit centers.
Because that's what transparency looks like: not just knowing what's happening, but knowing who benefits and who pays.