Four in five EU coal plants are unprofitable -- report
Source: Deutsche Welle and Reuters
Four in five EU coal plants are unprofitable — report
A report by the Carbon Tracker Initiative has revealed 79% of EU coal plants are running at a high financial loss because they can't compete with cheap renewables. A German company faces the biggest loss.
Date 24.10.2019
Author Melissa Van Brunnersum (with Reuters)
The majority of coal plants in the European Union (EU) are unprofitable and could face losses of nearly €6.6 billion ($7.3 billion) this year, the Carbon Tracker Initiative reported on Thursday.
The London-based think tank analyzed the numbers behind every coal plant in the EU, concluding that 79% of the electricity-generating power stations are running at a loss.
"EU coal generators are hemorrhaging cash because they cannot compete with cheap renewables and gas and this will only get worse," said Matt Gray, co-author of the report.
Lower costs for renewable energy and natural gas are increasingly competitive versus coal in electricity production.
Hard coal generation had fallen 39% this year from the year prior.
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Read more: https://www.dw.com/en/four-in-five-eu-coal-plants-are-unprofitable-report/a-50961697
