54% of EU coal power is making a loss
According to a report by Carbon Tracker, more than half of all col power plants in the EU are making a loss, at 54%.
The report, released on 8 December, also states that by 2030, this number will rise to 97%.
Currently, investors are only planning on closing 27% of total coal power plants capacity by 2030, and the report warns that a complete coal phase-out by then could stem utility losses by €22bn (US$26bn).
The price of operating coal is rising due to expected air quality standards and carbon prices, whilst simultaneously clean energy technology costs are continuing to drop.
The report states that by 2024, the building of new onshore wind and solar photovoltaic (PV) projects will be cheaper then operating existing coal plants.
“The changing economics of renewables, as well as air pollution policy and rising carbon prices, has put EU coal power in a death spiral,” commented Matt Gray, Carbon Tracker analyst, and co-author of the report.
“Utilities can’t do much to stop this other than drop coal or lobby governments and hope they will bail them out.”
After Carbon Tracker analysed the profitability of every coal unit in the EU, it discovered that German utilities RWE and Uniper could avoid the loss of €5.3bn ($6.2bn) and €1.7bn ($1.9bn) by closing their plants by 2030.
Germany host the most successful coal plants in the EU, and so could make a total loss of €12bn ($14.1bn).
Poland could avoid losing €2.7bn ($3.1bn) if it closed its plants, whereas Czech Republic could save €2.2bn ($2.5bn), Spain €1.8bn ($2.1bn), and the UK €1.7bn ($1.9bn).
Toyota unveils electric van and Volvo opens fuel cell lab
Toyota is launching its first zero emission battery electric vehicle, the Proace Electric medium-duty panel van, across Europe.
The model, which offers a choice of 50 or 75kWh lithium-ion batteries with range of up to 205 miles, is being rolled out in the UK, Denmark, Finland, France, Germany, Italy, Spain and Sweden.
At present, alternative fuel vehicles (AFVs, including battery electric vehicles) account for only a fraction – around 1.8 per cent – of new light commercial van sales in the UK, but a number of factors are accelerating demand for practical alternatives to vans with conventional internal combustion engines.
Low and zero emission zones are coming into force to reduce local pollution and improve air quality in urban centres, at the same time as rapid growth in ecommerce is generating more day-to-day delivery traffic.
Meanwhile the opening of Volvo's first dedicated fuel cell test lab in Volvo Group, marks a significant milestone in the manufacturer’s ambition to be fossil-free by 2040.
Fuel cells work by combining hydrogen with oxygen, with the resulting chemical reaction producing electricity. The process is completely emission-free, with water vapour being the only by-product.
Toni Hagelberg, Head of Sustainable Power at Volvo CE, says fuel cell technology is a key enabler of sustainable solutions for heavier construction machines, and this investment provides another vital tool in its work to reach targets.
"The lab will also serve Volvo Group globally, as it’s the first to offer this kind of advanced testing," he said.
The Fuel Cell Test Lab is a demonstration of the same dedication to hydrogen fuel cell technology, as the recent launch of cell centric, a joint venture by Volvo Group and Daimler Truck to accelerate the development, production and commercialization of fuel cell solutions within long-haul trucking and beyond. Both form a key part of the Group’s overall ambition to be 100% fossil free by 2040.