Despite the Trump administration's attempts to prop up coal, the industry continues its long decline,
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July 3 · Issue #15 · View online
Transformations in clean energy
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Despite the Trump administration’s attempts to prop up coal, the industry continues its long decline, and stories of plant closings, bankruptcies, and lenders exiting the sector continue to climb. Coal use in the US has plummeted, in 2018 reaching its lowest level in 40 years. Worldwide production peaked in 2013 and has trended down since. And the average capacity factor (the percentage of time a plant is actually burning coal and producing power) continues to drop and is now around 50%–so even the remaining plants are using less coal, producing less power, and becoming less economically viable. The decline was first fueled by cheap gas, and has been accelerated by the declining cost of renewables, which, unsubsidized, now undercut coal (and frequently gas) in many places. This newsletter could have been twice as long–the obits for coal plants, companies, and funding are everywhere. Coal is an entrenched industry with disproportionate political influence, but its inexorable fate is becoming increasingly clear, and the speed at which it’s occurring continues to increase.
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America's renewable energy capacity is now greater than coal
America’s coal industry has already been left in the dust by natural gas. Now it’s under immense pressure from the renewable energy boom.
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Solar vs. Coal: Why the "74 Percent Report" Signals a New Era for US Energy
The majority of existing coal energy plants in the United States could be replaced by solar or wind energy and save money, a report this week claimed, hailing the milestone as the “coal cost crossover.” Energy Innovation’s report, one of its authors claims, is intended as a starting point.
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Chubb becomes first U.S. insurer to put limits on its coal sector exposure
Insurer Chubb has decided to cut its exposure to operators of coal-powered plants and said it will not underwrite new risks for companies that generate more than 30% of their revenue from coal, and will not invest in companies that generate more than 30% of revenue from thermal coal mining or energy production from coal.
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Germany’s KfW Bank rules out financing of any coal operations
German government-owned business and development bank KfW stops financing all coal-related business activities. The KfW Group’s new “Exclusion List” rules out financing the “prospection, exploration and mining of coal; land-based means of transport and related infrastructure essentially used for coal; power plants, heating stations and cogeneration facilities essentially fired with coal.”
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The Future of Coal: why capital is deserting coal
Andrew Tunnicliffe talks with IEEFA’s Tim Buckley about what’s leading the exodus from coal mining, and what it means for the future of coal.
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Chile to shut down 8 coal-fired power plants by 2024
Chile will close eight coal-fired power plants by 2024 and the remaining 20 by 2040, president Sebastian Piñera announced
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The Billion-Dollar Coal Bailout Nobody Is Talking About: Self-Committing In Power Markets
New research by Union of Concerned Scientists Senior Energy Analyst Joe Daniel uncovered the fact that coal plants in “competitive” wholesale electricity markets were being run uneconomically, meaning they accrued significant losses for months at a time.
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How much credit can Beyond Coal claim for plant closures?
In 2011, when the Sierra Club and then-New York City Mayor Michael Bloomberg launched the Beyond Coal campaign, coal accounted for 42% of America’s power generation. Today, that figure is closer to 25%.
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Wyoming coal giant Cloud Peak files for bankruptcy
Cloud Peak Energy, the coal giant that operates two Wyoming mines, filed for bankruptcy Friday amid mounting debt and declining demand.
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Trump's coal export bid runs into headwinds next year, say feds
President Trump’s much-touted coal exports are going to feel a pinch in 2019, according to the Energy Department.
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DTE Energy speeds up closing of coal-fired plants
DTE Energy officials promised a significant reduction in carbon emissions by phasing out coal-fired plants in Michigan fast than planned.
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UK Energy Supplier SSE To Close Its Last Coal-Fired Power Plant
UK energy provider SSE Plc said on Thursday that it is proposing to close its last coal-fired power plant in the country by March 2020
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