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Global Coal Roundup: COP25 countries fail to reach deal on carbon market rules


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Global Coal Roundup: COP25 countries fail to reach deal on carbon market rules

* Delegates from more than 190 countries at this year's COP25 failed to reach an agreement on how to consider carbon reductions and markets under the Paris Agreement on climate change. Andres Landerretche, COP25 coordinator for the presidency overseeing the negotiations, earlier indicated that the talks were falling apart, saying the negotiations "have always been very, very difficult."


* The European Commission unveiled climate-related policy proposals for faster emissions cuts, including a €100 billion fund for Eastern European states who still rely heavily on fossil fuels. The commission aims to introduce by March 2020 a law that would put in place an earlier set target of net-zero emissions in 2050 and a 50% to 55% cut in greenhouse gas emissions by 2030 next summer.

* European Union member state leaders agreed to support a target to reach net-zero emissions by 2050 during a summit on Dec. 12. The leaders gave Poland another six months to join them in achieving the target after the country refused to do so citing possible loses due to coal plant closures.

* ArcelorMittal Europe plans to cut its carbon emissions by 30% by 2030 in line with its goal of becoming carbon neutral by 2050. The company intends to use clean power and circular carbon energy sources for steelmaking, and look into reusing carbons for fossil fuels.

* The U.K. and France join several other EU countries in opposing a framework for green investments over concerns of possible financing reduction for nuclear and coal projects, Reuters reported, quoting EU officials. The opposition came following an agreement on the matter after several months of discussions, excluding coal and nuclear. The report cited a French diplomat as saying that new negotiations will have to be agreed most likely this week.

United Kingdom: RWE AG confirmed that its Aberthaw coal plant in South Wales would de-synchronize from the electricity grid and remain unavailable from December 14 until official station closure March 31, 2020. UK coal generation has been running at an average 1.56 GW in the week to Dec. 11 and averaged just 0.73 GW over a year view.

Germany: Germany's finance, environment and economy/energy ministries have approved the controversial details on the country's proposed coal exit law, S&P Global Platts reported, citing an environment ministry official. The proposal seeks to include details about the cancellation of EU carbon allowances linked to closures, with a first review in 2021, according to the report.

Spain: Endesa SA will replace its 1.1-GW coal-fired power plant in Teruel, Spain, with 1.7 GW of solar and wind that will cost €1.487 billion, industry website PV Tech reported, citing CEO José Bogas. According to the report, Bogas said during the COP25 that the plant will house 1,585 MW of solar power and 139 MW of wind generation, with 160 MW of energy storage to be installed later.

North America

Canada: Ridley Terminals Inc.'s exports in Prince Rupert, British Columbia, in November declined 68.7% to 272,688 tonnes of thermal and metallurgical coal, S&P Global Platts reported, citing data from the Prince Rupert Port Authority. Year on year, exports declined 55.4% the steepest since October 2016, according to the report.

Latin America

Chile: Engie Energia Chile SA announced it will close its 334-MW Mejillones plant in northern Chile by the end of 2024 in line with the country's target to become carbon neutral. Chile's energy minister said AES Gener SA also agreed to close its two coal-fired plants in the country to 2020 and 2022.


Singapore: ANZ analysts see Newcastle spot thermal coal prices falling to as low as $60/t in the next 18 months before recovering, S&P Global Platts reported. The report said the analysts expect Newcastle 6,000 kcal/kg NAR coal spot price to decline to $64/mt FOB in December next year and head further down to $60/mt by June 2021 before rebounding to $70/mt FOB by June 2022.