Alpha Natural Resources 8K Foundation Coal Updates Net Income, Earnings per Share Guidance | SEC 1 May 06

Goldman Sachs Alternative Energy

Conference

New York, NY

May 2, 2006

Exhibit 99.2

Statements in this presentation which are not statements of historical fact

are “forward-looking statements”

within the “safe harbor”

provision of the

Private Securities Litigation Reform Act of 1995. These forward-looking

statements are based on the information available to, and the expectations

and assumptions deemed reasonable by, Foundation Coal Holdings, Inc. at

the time this presentation was made. Although Foundation Coal Holdings,

Inc. believes that the assumptions underlying such statements are

reasonable, it can give no assurance that they will be attained.

Factors that

could cause actual results to differ materially from expectations include the

risks detailed under the section “Risk Factors”

in the company’s Form 10-K

filed with the Securities and Exchange Commission.

Also, this presentation contains certain financial measures, such as

EBITDA. As required by Securities and Exchange Commission Regulation

G, reconciliations of these measures to figures reported in Foundation

Coal’s consolidated financial statements are provided in the company’s

annual and quarterly earnings releases.

FORWARD-LOOKING STATEMENTS AND

RECONCILIATION OF NON-GAAP MEASURES

•

Major diversified producer with presence in key U.S. supply regions

•

High capacity, large scale operations

•

Positioned for significant revenue growth

•

Attractive internal and external growth prospects

•

Industry leading margins driven by low cost structure

•

Strong earnings and cash flow profile

•

Strong, sustainable coal market fundamentals

•

Experienced management focused on shareholder value

•

Proven business plan for success

WHY INVEST IN FCL?

SUCCESSFUL BUSINESS STRATEGY

•

Maintain commitment to operational excellence as a low-cost

producer

•

Continue to focus on excellence in safety and environmental

stewardship

•

Continue to manage risk through regional, operational, and market

diversity

•

Prudently expand production and reserve base

•

Capitalize on favorable industry dynamics

•

Maintain strong balance sheet fundamentals

PERFORMANCE HIGHLIGHTS

Notes:

In millions

2001 –

04 data on pro forma basis

2005 data reflect results for successor company

2006 data per 2/8/06 guidance

Revenues

Adjusted EBITDA

TRACK RECORD OF PERFORMANCE

Coal Shipments

Debt Repayment

250

500

750

1,000

1,250

1,500

2001

2002

2003

2004

2005

2006

2001

2002

2003

2004

2005

2006

100

150

200

250

300

350

400

2001

2002

2003

2004

2005

2006

4.5

3.8

3.2

2.5

2.1

610

620

630

640

650

660

670

680

690

Q4 04

Q1 05

Q2 05

Q3 05

Q4 05

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

STRONG POSITIVE FREE CASH FLOW

-$2.00

-$1.50

-$1.00

-$0.50

$0.00

$0.50

$1.00

$1.50

FCL

C (2)

Notes:

(1) Represents cash flow from operating activities less purchases of property, plant & equipment, including

amounts paid under coal leases (bonus bids, minimum royalties) and excludes amounts paid for acquisitions

(2)

Cash

flow

from

operating

activities

not

reported

press

release.

Above

figure

for

nine

months

ended

September 30, 2005

(3) Shares used in the diluted earnings per share calculation, as of December 31, 2005

Free

Cash

Flow

Comparison

(1)

–

FCL

vs.

Peer

Companies,

2005

2002-04

Adjusted

EBITDA

Margin

(1)

8.0%

16.6%

12.4%

12.7%

13.9%

15.0%

FCL

•

Large, diversified producer

•

Safe, low-cost, highly productive

operations

•

Effective use of technology

(3-Year Average)

Source: Public company filings and press releases; EBITDA adjusted for unusual and one-time items

Note: (1) Foundation Coal Adjusted EBITDA margin adjusted to reflect Cumberland add-back to EBITDA and revenue

2005 Adjusted EBITDA Margin

•

Emphasis on continuous

improvement

•

Experienced management team

19.3%

18.7%

17.2%

12.1%

23.5%

11.3%

FCL

INDUSTRY-LEADING MARGINS

Key Margin Drivers

ENERGY INDUSTRY OVERVIEW

COAL PRICES STILL AT OR NEAR HISTORIC HIGHS

Source: Energy Information Administration, with permission from Platts

Average Weekly Spot Prices

COAL IS STILL THE MOST COMPETITIVE FOSSIL

FUEL FOR BASELOAD GENERATION

$101.63

$76.83

$25.01

$20.57

$20.21

$7.43

100

120

Power Production Cost Comparison

Sources: Global Energy Advisors, via FERC Form 1 and EIA Form 906 through November 2005, based on average fuel costs for

January 2006: Natural Gas -

$9.23/mcf, Petroleum -

$64.93/Bbl, Coal -

$1.62/mmBtu, excludes environmental adders.

Note: Renewable generation includes wind, solar, biomass, geothermal, tidal and wave sources.

STRONG POSITIVE LONG-TERM DEMAND

FUNDAMENTALS

U.S. Energy Consumption by Fuel (Quadrillion Btus)

Source:

Energy

Information

Administration,

Annual

Energy

Outlook

2006

Petroleum

Natural Gas

Coal

Nuclear

Renewable/Other

Hydro

Actual

Projected

+1.1%

CAGR

(2004 -30)

+0.7%

+1.7%

+0.4%

+2.2%

+0.4%

FUTURE DEMAND GROWTH THROUGH INCREASED

CAPACITY UTILIZATION AND NEW COAL PLANTS

Long-Term

Growth

Through

New

Coal-Based

Generating Capacity

Notes: * Assumes 10,000 Btu/kwh heat rate, 11,500 Btu/lb. coal

** Assumes 9,500 Btu/kwh heat rate, 11,500 Btu/lb. coal

Source:

Energy

Information

Administration,

Annual

Energy

Outlook

2006,

Reference

Case

150

Incremental

Demand

1,165

85%

Potential*

1,015

72%

Current

Coal

Consumption

(MM Tons)

Capacity

Utilization

Rate (%)

Near-Term Growth Through Increased Capacity

Utilization at Existing Plants

Represents 300 million tons of new coal demand**

100

120

140

160

180

2004-2010

2011-2015

2016-2020

2021-2025

2026-2030

Natural Gas

Coal

Renewables

www.futuregenalliance.org

FutureGEN

PROJECT

•

Commercial-scale 275-MWe

Plant

•

1 million tons/year CO

•

captured and sequestered

•

Co-production of H2 and

electricity

•

“Living laboratory”

to test and

validate cutting-edge

technologies

•

Public-private partnership

•

Stakeholder involvement

•

International participation

KEY FEATURES

VALUE PROPOSITION

•

Supports a

technology-based climate change strategy

–

Mitigates the financial risks of climate change

–

Developing countries will not shut their plants but they will copy ours

•

Validates the cost and performance

of an integrated

near zero-emission

coal-fueled power plant

–

Advances IGCC technology

–

Advances carbon capture, sequestration, and hydrogen-production

technologies

–

Sets groundwork for CO

sequestration siting and licensing

•

Hydrogen generation for use and research

•

Enables

the

public

and

private

sector

the

cost

and

risk

advanced technology demonstration.

–

Platform for emerging technology demonstration

PUSHING THE TECHNOLOGY ENVELOPE

•

Establish the technical, economic, and

environmental viability of “zero-emission”

coal plants by 2015; thus, creating the option

for multiple commercial deployments by

2020.

•

Industry to validate DOE suggested goals:

–

Sequester

>90%

with

potential

for

~100%

–

>99% sulfur removal

–

<0.05 lb/mmbtu NOx

–

<0.005 lb/mmbtu PM

–

>90% Hg removal

–

>85% availability

–

with

potential

for

plant

commercial

cost

than

10%

greater than that of a conventional power plant

TIMELINE SUMMARY

Plant

Start-Up &

Testing

2012

Final

Design

2009

Preliminary

Design

October

2005

Full Scale

Plant

Operations

2012

Facility

Construction

2009

Site Monitoring

Post Initial

Operations

2016 -

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

DOE Projection

NEPA

PROCESS

2006/Yr end

Alpha Natural Resources Inactive 8-KFoundation Coal Updates Net Income, Earnings per Share Guidance