Enel head of global power generation says company’s coal exit will happen faster than expected

first_imgEnel head of global power generation says company’s coal exit will happen faster than expected FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Italian utility Enel SpA will likely close its remaining coal-fired power stations around the world faster than anticipated, with worsening economics for the fuel leading to billions in write-downs and making an even stronger case to replace capacity with gas-fired plants and renewable energy.The company is still one of the largest owners of coal plants among European utilities and last month was placed on a watchlist by Norway’s $1 trillion sovereign wealth fund for falling foul of new environmental guidelines, which require companies to own less than 10,000 MW of coal capacity.But Antonio Cammisecra, head of global power generation at Enel, said in an interview that the company expects to reach that milestone by the end of this year — likely accelerating Enel’s eventual exit from coal, tentatively planned for 2030.Enel now wants to close its last coal plant in Chile several years ahead of schedule, after which it will have only one small Colombian unit left in Latin America. In October, the company sold its last coal plant in Russia. “We’ll do it faster than we expected just one year ago,” Cammisecra said. “No doubt, by 2025, Enel will be out of coal in Italy and, mostly, around the world.”The rest of its coal stock, roughly 11,000 MW in all, is in Europe: In Italy, the company just got permission to close a 660-MW unit at its plant in Brindisi, while two of its five remaining plants in Spain also have the green light for decommissioning.“It must be done. And the quicker we do it, the better for everybody,” Cammisecra said. “We’re basically not burning coal right now … and this is not a temporary factor,” Cammisecra said, pointing to increasing generation from wind and solar, cheap gas and a tightening emissions market in Europe, which are all eating into margins for coal. “I think this [dynamic] is here to stay,” he said. “So better to close these plants now.”[Yannic Rack]More ($): Enel eyes faster coal exit as worsening economics ‘here to stay’last_img read more

Ward going for glory

first_imgJoe Ward aims to reach his second successive World Final this evening.The Moate southpaw faces Uzbekistan’s Bektimer Melikuziev in the light-heavyweight semi-finals in Hamburg.23-year-old Ward has already made history at the tournament by becoming the first male Irish boxer to win three World elite medals.last_img

Transfer News:Striker Richmond Boakye to wear No.99 jersey at Atalanta

first_imgRichmond Boakye-Yiadom will wear the ’99′ jersey for the entire duration of the 2014/15 season after Atalanta agreed to his choice of the hundred-minus-one figure.The Ghana international, who wore ’18′ at Juventus, Genoa and the Black Stars, did not request the same shirt number that he wore last season at Elche.At Elche and Sassuolo, he wore his favourite ’9′ shirt but, at last year’s World Youth Championship in Turkey, he wore the number ’20′ in the Black Satellitessquad.Ahead of next year’s African Cup of Nations in Morocco, the 21-year is already showing valuable promise after scoring four times in his debut game for theSerie A outfit last Sunday.last_img read more