Coal-fired power generators face new threat from EU carbon emissions curb

[August]

Coal-fired power generators face new threat from EU carbon emissions curb - Times Online

The future of coal-fired power generation in Europe was called into question yesterday after a European Parliament committee backed new laws that would force power companies to pay for all of their carbon dioxide emissions from 2013.

The decision, which could cost the power industry €30 billion (£23 billion) a year and trigger a steep rise in electricity bills, represents a huge boost for Europe’s renewable energy industry. It also casts fresh doubt over the likelihood of a £1.5 billion coal-fired power plant being built at Kingsnorth, Kent, by E.ON, the German power group.

In addition, it flies in the face of British government policy. Last month, John Hutton, the former business secretary, told the Labour Party conference that “no coal . . . equals no lights. No power. No future.”

- Money, money, money. I don't know much about money. What I do know, however, is that there is an economic criterion of rationality at work all over the world: one that I do not quite understand. But anything that makes coal-powered electrical power solutions less profitable than they are right now, can only be of the good, I guess.

[LMagic007]

Yes as painful as it may seem, this really was to become inevitable if they are serious about Climate Change and meeting 2020 targets. It fits my previous cost crossover projection remarks, anyone can see the writing on the wall really, that fossils are heading up in cost and renewables down. This is backed up by government and industry views that on average application, solar will become cheaper than coal around 2015 to 2020 depending on the specific solar technology applied. Its all gradually falling into place. I expect though that the next 5 years are going to be damn tough for most of the world. It could be said that if we stopped buying half the "two dollar crap" we spend our money on, we could possibly be happier and it might save the difference in cost of transition to renewables. Stronger penalties seem to be the only way we can expect to see more significant results in CO2 reductions.