[can-eecca] Powering down coal - Navigating the economic and financial risks in the last years of coal
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ENWLine
Dec 1, 2018, 3:30:30 PM12/1/18
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Powering down coal
Navigating the economic and financial risks in the last years of coal power
In
Russia:
- Coal power is already unprofitable, losing an average $12 for every megawatt hour generated.
- By 2020 new renewables will be able to supply power more cheaply than new coal plants.
- Coal owners could save $20 billion by closing plants in line with the Paris Climate Agreement instead of pursuing business as usual plans.
- The three companies most exposed are Gazprom, with $5.8 bln of stranded asset risk, Inter RAO with $4.1 bln, and SUEK ($1.3 bln).
At a global level:
- 42% of coal capacity is already unprofitable; under existing policies that could reach 72% by 2030;
- it costs more to run 35% of coal plants than to build new renewable generation; by 2030 building new renewables will be cheaper than continuing to run 96% of coal power;
- China could save $389 bln by closing coal plants in line with the Paris Agreement, the EU could save $89 bln, and the US $78 bln.
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