Germany passes ‘coal-exit’ law to phase out fossil fuels by 2038

06/07/2020 09:50 Coal


German lawmakers have voted a roadmap for the coal-free era in the country, which includes abandoning nuclear power by 2022

Germany‘s Bundestag, the lower house of parliament, has passed today a ‘coal-exit’ law to stop all fossil-fuel generation facilities by 2038 at the latest and abandon nuclear power by 2022.


To support the transitional energy change, the government will support lignite regions, power plant operators and employees with grants of up to €14 billion (£12.6bn) by 2038.


The Federal Government has also pledged to take additional measures of up to €26 billion (£23.4bn) for the people and the areas which are based on the coal generation operations.


It says the gradual reduction of coal-based electricity generation will progress with interim targets in 2022 to 15GW, falling to 8GW by 2030 and zero coal eight years later.


German Economy Minister Peter Altmaier said: “Historical: With the coal exit law, we create security for climate protection and sustainability in the country. All of this means we reduce CO2 emissions by a third! And create new jobs for those affected.”

Sweden's Lundin Energy Q2 operating profit lags despite record output

29/07/2020 09:43:00

Swedish oil firm Lundin Energy , a partner in Norway’s giant Johan Sverdrup oilfield, reported on Wednesday a worse-than-expected operating profit, despite producing record output in the quarter.


Total agrees deal to sell Lindsey refinery

29/07/2020 09:35:00

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Daily (28.07.2020): European Cal’21 power prices declined to a six-week low on Monday, influenced by a 5% drop in benchmark carbon prices

28/07/2020 09:49:00

Crude oil futures rose modestly at the beginning of the week, gaining little support from new stimulus package in the U.S. and weaker dollar. However, the persisting spread of COVID-19 and its impact on the economy, as well as U.S.-China tensions slashed prices gains. Hence, Brent crude added 0.2% to settle at $43.41 a barrel. At the same time, U.S.WTI crude increased by 0.8% to close at $41.60 a barrel.