One of the world’s most moribund companies is rising from the lifeless.

India’s private-sector coal mills largely give up constructing new energy crops seven years in the past, fleeing huge losses and the looming menace of cheaper renewable energy. That seems to be altering. Companies together with Adani Power Ltd., JSW Group Ltd. and Essar Power Ltd. need to spend money on new and current crops, Reuters reported this week, suggesting the capital strike is ending. That’s an object lesson within the energy of state intervention to skew markets away from low cost, clear energy towards pricey, fossil-fired incumbent companies.