The coal sector in Europe is “limping along”, surviving on subsidies from governments during the winter months and hoping, seemingly in vain, for a revival in its fortunes. That is the conclusion of new analysis released today by Carbon Tracker, which found more than half of coal plants in the EU are already losing money and that by 2030 97 per cent of plants will be loss-making. The shift is down to a number of inter-related factors – plummeting renewables costs, cheap gas prices, stricter air quality rules, and anticipated rises in the cost of carbon over the next decade, have all dented the financial performance of coal plants. Taken together, they present a picture of an ailing industry that is set to lose utility companies billions of Euros in the coming years.
Business Green 8th Dec 2017 read more »
A landmark Russian Arctic gas project began loading its first seaborne shipment on Friday, marking the start of commercial operations for a $27bn venture that has defied western sanctions, deepened Moscow’s energy co-operation with China and lifted its ambitions to become a major liquid natural gas player. Funded by Chinese banks and part-owned by France’s Total, the Yamal LNG project controlled by Russia’s Novatek will produce 16.5m tonnes of super-cooled gas a year by 2019, in a boost to Russia’s ambitions of tapping vast hydrocarbon deposits in the frozen Arctic and a test case for the viability of the so-called northern sea route to Asia.
FT 9th Dec 2017 read more »