Dennis Potts, 37, and Wayne Triplett, 61, both of Gates Hollow, have each been charged with grand larceny, conspiracy and destruction of property in the May 8 theft.
Warrants against the two allege that a security officer at the coal company noticed a lock cut on a gate at one of the company's substations.
Further investigation revealed transformers and the fence were damaged to the tune of approximately $40,000.
Investigators from the Lee County Sheriff's Department located witnesses who said they saw the two riding toward the substation on an all-terrain vehicle and later hauling copper transformer parts in the back of a truck up Gates Hollow.
Potts was ruled ineligible for bond, but Triplett is free under a $20,000 secured bond.