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Endesa to shut down Iberian coal-fired power plants

Endesa SA has secured board approval to shut down all of its coal-fired power plants on the Iberian Peninsula, citing uncompetitive market conditions.

Spain has about 10 GW of operational coal plants left online, according to S&P Global Platts, but its share in the generating mix is expected to drop to its lowest ever level in 2019.

As of Sept. 27, the net book value of Endesa's mainland coal plant portfolio amounted to approximately €1.3 billion, including the estimated cost of dismantling the facilities. Endesa said it does not expect the closure to have a significant impact to its operating margin.

Any impairment amount will be recognized Sept. 30 and will be recorded in the nine-month period consolidated management report, scheduled to be made public Nov. 5.

The company will be evaluating future options for the sites of the facilities. For its next strategic plan, Endesa aims to increase investments earmarked for the construction of new renewable generation capacity.

S&P Global Market Intelligence and S&P Global Platts are owned by S&P Global Inc.