IEEFA Reports, Briefing Notes, Memos and Testimony

For press releases and additional coverage of these issues, please see the reports category and the research topics list.

Financial Risks Cloud Development of Argentina’s Vaca Muerta Oil and Gas Reserve, March 2019

Executive Summary: Financial Risks Cloud Development of Argentina’s Vaca Muerta, March 2019

More Red Flags on Fracking: Cash Flows Still Negative, March 2019

Powder River Basin Coal Industry Is in Long‑Term Decline, March 2019

Marubeni Update: Continuing Coal-fired Power Risks, March 2019

The Philippine Energy Transition: Building a Robust Power Market, March 2019

NTEC Plan Presents Unknown, Potentially Limitless Liabilities, March 2019

Indonesia’s solar policies – designed to fail?, February 2019

Over 100 Global Financial Institutions Are Exiting Coal, With More to Come, February 2019

NTEC’s Plant/Mine Acquisition Plan Puts Navajo Nation at Serious Financial Risk, February 2019

Falling Short Shale Development in West Virginia Fails to Deliver on Economic Promises. February 2019

IEEFA Response to the U.S. Chamber of Commerce Analysis of the “Keep it in the Ground” Movement, February 2019

Fossil Fuel Investments: Looking Backwards May Prove Costly to Investors in Today’s Market, February 2019

IEEFA supports the Galilee Basin (Coal Prohibition) Bill 2018, February 2019

PREPA Privatization Will Hurt Consumers and Slow Economic Recovery, January 2019

Recalculating India’s 2030 thermal coal import needs, January 2019

The Vanishing Need for the Atlantic Coast Pipeline, January 2019

No Profitable Future for Navajo Generating Station, January 2019

China at a Crossroads: Continued Support for Coal Power Erodes China’s Clean Energy Leadership, January 2019

India’s Grid Transmission Infrastructure Needs Further Modernisation, Urgently: Growth in Renewable Energy Investment Slowing Due to Grid Limitations, January 2019

Flexing India’s Energy System – Making the case for the right price signals through time-of- day pricing, January 2019

A Bad Bet: Owning the Four Corners Coal Plant is a Risky Gamble for the Navajo Nation and the Plant’s Other Owners, December 2018

Opportunity for Navajo Nation in Post-Coal Reclamation Economy, December 2018

Pakistan’s Power Future: Renewable Energy Provides a More Diverse, Secure and Cost-Effective Alternative, December 2018

More Red Flags on Fracking: Weak Third-Quarter Results as Cash Losses Persist Even With Production and Price Increases, December 2018

Holy Grail of Carbon Capture Continues to Elude Coal Industry, November 2018

Economic Analysis of Rappahannock Electric Cooperative Power Supply Costs, November 2018

IEA’s “Sustainable Development Scenario” best reflects our global energy future”, November 2018

Growing Interest in Developing Navajo Utility-Scale Solar Industry: Policy Momentum and Grassroots Support; Vast Tribal Natural Resource Remains Largely Untapped, October 2018

New South Wales Thermal Coal Exports Face Permanent Decline: Grim Outlook Prompts the Need for a Planned Transition, October 2018

Record Drop in U.S. Coal Capacity Likely in 2018, October 2018

The Khurja Thermal Power Project: A Recipe for an Indian Stranded Asset, October 2018

Lignite Retreat: RWE’s Short-Term Pain, Long-Term Gain, October 2018

Why Navajo Generating Station Is No Longer Commercially Viable (Update), October 2018

Energy Market Update: Red Flags on Fracking, October 2018

Seven Technology Disruptions Driving the Global Energy Transition: A Primer, October 2018

We Want Sun, October 2018

Testimony in FirstEnergy Solutions bankruptcy, September 2018

Leczna IGCC Project: High Costs and Unreliable Operations Can Be Expected, September 2018

Financing South East Asia’s Energy Transition, September 2018

A Foreseeable Planning Mismatch–Indonesia’s Industry 4.0 Plans, September 2018

Korea’s Clean Energy Challenge–Time for a Check Up, September 2018

Why Engie Should Close, Not Sell, Its Coal-Fired Power Plants in Germany, September 2018

Unlocking Rooftop Solar in the Philippines, August 2018

Significant Financial Risks Confront Teck’s Frontier Oil Sands Mine Project, August 2018

Testimony to the Puerto Rico Senate Special Committee on Energy Affairs, August 2018

Comments to the Puerto Rico Energy Bureau on Regulation on Retail Wheeling, Case Number CEPR-MI-2018-0010, August 2018

Retail Choice Will Not Bring Down Puerto Rico’s High Electricity Rates, August 2018

India’s Vast Potential in Solar-Powered Irrigation, August 2018

A Bad Month for the Southeast Asian Coal Power Juggernaut: Warning Lights Flashing for IPPs in Indonesia and Malaysia While Global Bankers Play Poker with Coal Risk, August 2018

Marubeni’s Coal Problem: A Japanese Multinational’s Power Business Is at Risk, July 2018

Karnataka’s Electricity Sector Transformation, July 2018

Renewable Energy Infrastructure Investment Opportunity for UK Pension Funds, July 2018

Multibillion-Dollar Oil Scandal Goes Unaddressed in PREPA Contract Reform and Privatization, July 2018

The Financial Case for Fossil Fuel Divestment, July 2018

Bylong Coal Project Expert Review, June 2018

Canada’s Folly: Government Purchase of Trans Mountain Pipeline Risks an Increase in National Budget Deficit by 36%, Ensures a 637% Gain by Kinder Morgan, June 2018

Decision Time at Poland’s PGE: Why a High-Risk, Fossil-Heavy Strategy Doesn’t Add Up, May 2018

The Puerto Rico Electric Power Authority’s Fiscal Plan: Budget Shortfalls and Weak Implementation Plan Raise Substantial Risk, May 2018

Solar Is Driving a Global Shift in Energy Markets, May 2018

PLN’s Coal IPP Funding Gap Suggests Tariffs Must Rise in 2020, May 2018

Six Insurmountable Business Risks to Keeping Navajo Generating Station Open Past 2019, April 2018

Perusahaan Listrik Negara (PLN):  A Power Company Out of Step with Global Trends, April 2018

Privatization Bill Will Not Solve Puerto Rico’s Electricity Crisis, April 2018

Full report in Spanish: El proyecto de privatización no resolverá la crisis eléctrica de Puerto Rico

Economic Picture Worsens for Navajo Generating Station, April 2018

Adani Godda Power Project: Too Expensive, Too Late, and Too Risky for Bangladesh, April 2018

ExxonMobil’s Climate Risk Report Defective and Unresponsive, March 2018

The Least-Cost Mechanism, March 2018

Toward Electric System Sustainability in Puerto Rico, February 2018

Westmoreland Coal Is in Trouble, February 2018

Cheap Renewables Transforming Global Electricity, February 2018

Power-Industry Transition, Here and Now, February 2018

Electricity Sector Transformation in India, A Case Study of Tamil Nadu, February 2018

Affidavit Before the New Mexico Public Regulation Commission on the Financial Condition of Westmoreland Coal , February 2018

U.S. Coal – More Market Erosion is on the Way, February 2018  (Webinar,  February 6, 2018)

China 2017 Review: World’s Second-Biggest Economy Continues to Drive Global Trends in Energy Investment, January 2018

Window of Opportunity: Navajo Solar, December 2017

Can the U.S. Coal Industry Come Back?, November 2017

Raising The Philippine Coal Tax Makes Economic Sense, November 2017

Now Is The Time To Restructure The Philippines Electricity Sector, November 2017

India Electricity Sector Transformation, November 2017

Carmichael Briefing Note: Are Australian Taxpayers About to Subsidise a Chinese State Owned Enterprise?, November 2017

Green Finance Initiative: The Renewable Energy Investment Opportunity for UK Pension Funds, HSBC Global Asset Management and IEEFA, November 2017

Puerto Rico’s Electricity System, Before and After Hurricane Maria (Webinar), October 2017

How European Utilities Can Capitalize on New Emission Limits to Drive Decarbonization: The Case of Endesa, October 2017

A Half-Built, High-Priced Nuclear White Elephant: How Should the U.K. Proceed With This Troubled Project?, October 2017

Carving out Coal in the Philippines, October 2017

Global Electricity Utilities in Transition: Leaders and Laggards: 11 Case Studies, October 2017

An Australian House of Cards: The Escalating Financial Risk in Adani’s Abbot Point Coal Terminal, October 2017

IEEFA Fact Sheet:  Why Norway’s Government Pension Fund Should Invest in Unlisted Infrastructure, September 2017

IEEFA Fact Sheet: Edwardsport and Kemper, September 2017

Using Coal Gasification to Generate Electricity: A Multibillion-Dollar Failure, September 2017

How Renewable Energy Holdings Can Contribute to the Growth of Norway’s Pension Fund in a Time of Oil Industry Uncertainty, August 2017

IEEFA Testimony: NAIF Inadequate Project Assessment and Failure of Public Interest Test Submission,August 2017

IEEFA letter to Colorado Gov Hickenlooper, August 2017

IEEFA Fact Sheet: Why Navajo Generating Station Is No Longer Commercially Viable, August 2017

Overpaid and Underutilized: How Capacity Payments Could Lock Indonesia Into a High-Cost Electricity Future, August 2017

IEEFA letter to Chairman Carrion and Governor Rossello, August 2017

Hume Coal Update 2017:  Superior Alternatives are Available, July 2017

As U.S. Coal Markets Decline, Kayenta Mine Is Not Likely to Find New Customers When the Navajo Generating Station Closes, June 2017

IEEFA Sommer Kunkel Testimony, PREPA Aguirre Site Economic Analysis, PREC, June 2017

It Is Time to Retire, Not Bail Out, OVEC’s Two Coal Plants, June 2017

Australia’s Export LNG Plants at Gladstone: The Risks Mount, June 2017

A Transition Plan for Communities Affected by the Closings of Navajo Generating Station and Kayenta Mine, June 2017

NTPC as a Force in India’s Electricity Transition: Leading the Way Toward a New Energy Economy, May 2017

End of an Era: Navajo Generating Station, May 2017

Electricity-Sector Opportunity in the Philippines, May 2017

Europe Coal-Fired Plants: Rough Times Ahead, May 2017

Adani: Remote Prospect: Carmichael Status Update 2017, April 2017

Research Brief U.S. Coal Phase-Out, Blow by Blow, April 2017

ExxonMobil Investor Note, April 2017

Letter to U.S. Rep. Doug LaMalfa regarding, PREPA Restructuring Support Agreement, March 2017

Electricity-Grid Transition in the U.K.: As Coal-Fired Generation Recedes, Renewables and Reliable Generation Can Fill the Gap, March 2017

Japan: Greater Energy Security Through Renewables, March 2017

Making the Case for Investment in Renewable Energy Infrastructure, February 2017

Puerto Rico (PREPA) Briefing Note, January 2017

2017 U.S. Coal Outlook: Short-Term Gains Will Be Muted by Prevailing Weaknesses in Fundamentals, January 2017

China’s Global Renewable Energy Expansion: How the World’s Second-Biggest Economy Is Positioned to Lead the World in Clean-Power Investment, January 2017

Spain’s Capacity Market: Energy Security or Subsidy, December 2016

The Dutch Coal Mistake, November 2016

IEEFA Update Emerging Markets Lead Global Investment in Renewables, November 2016

Bangladesh Electricity Transition: A Diverse, Secure and Deflationary Way Forward, November 2016

The High-Risk Financing Behind the Dakota Access Pipeline: A Stranded Asset in the Making in the Bakken Region of North Dakota, November 2016

IEEFA Comments on Northern Gas Pipeline Environmental Impact Statement, October 2016

IEEFA Filing: Testimony to the Puerto Rico Energy Commission, October 2016

2016: Year in Review—Three Trends Highlighting the Accelerating Global Energy Market Transformation, November 2016

PowerPoint: State of International Electricity Markets & Stranded Asset Risk, October 2016

Red Flags on ExxonMobil (XOM): A Note to Institutional Investors, October 2016

Research Memo: Rampal Loan Puts EXIM Bank and Bondholders at Risk, October 2016

The Northern Gas Pipeline Submission to the EIS, October 2016

New Development Bank and Role in BRICS Renewable Energy Targets,  October 2016

A Foundation-Based Framework for Phasing Out German Lignite in Lausitz, September 2016

The Beginning of the End: Fundamental Changes in Energy Markets Are Undermining the Financial Viability of Coal-Fired Power Plants in Texas, September 2016

Re-Regulating Coal Plants in West Virginia: A Boon to FirstEnergy, a Burden to Ratepayers, September 2016

China Shenhua Energy Company-Key Details From 2016 Interim Results Aptly Titled “Coal Supply-Side Reform”, September 2016

FirstEnergy Bailout Proposals Grow More Audacious, and Onerous, for Ohio Ratepayers, August 2016

The Hume Coal Mine A Stranded Asset in the Southern Highlands, August 2016

PREPA Debt Restructuring Deal Won’t Restore Agency to Financial Health, August 2016

India’s Questionable Ultra Mega Power Plans, August 2016

Texas’ Outsize Role in the Decline of the Powder River Basin Coal Industry, August 2016

The Economics of Continued Operation of Owensboro Municipal Utilities’ Elmer Smith Station Coal-Fired Power Plant, July 2016

Turkey at a Crossroads: Invest in the Old Energy Economy or the New?, June 2016

Risky and Over Subsidised A Financial Analysis of the Rampal Power Plant, June, 2016

Pipe Dreams: A Financial Analysis of the Northern Gas Pipeline, May 2016

Sub-Critical Australia’ Risks From Market Imbalance in the Australian National Electricity Market, May 2016

Comments on the Department of Interior (DOI) Notice of Intent to Conduct a Programmatic Environmental Impact Statement of Federal Coal Leasing Programs, May 2016

Memorandum on Costs to Ratepayers if NorthWestern Energy or State of Montana Purchase Colstrip Plant, May 2016

Letter to Montana Legislators, May 2016

Comments on the Puerto Rico Electric Power Authority’s Integrated Resource Plan, April 2016 (en español)

Risks Associated With Natural Gas Pipeline Expansion Across Appalachia, April 2016

Bad Choice: The Risks, Costs and Viability of Proposed U.S. Nuclear Reactors in India, March 2016

IEEFA Japan Briefing: Japan’s Energy Transformation, March 2016

IEEFA Memo to Utah State Legislature, March 2016

PowerPoint: A Bleak Future for Colstrip Units 1 and 2 Has Become Much Bleaker, March 2016

Energy Poverty, Then and Now: How Coal Proponents Have It Wrong, March 2016

Peabody’s Strategies for Survival Ignore Market Realities and Risk Backfiring, February, 2016

A $4 Billion Bailout in the Buckeye State: FirstEnergy’s Plan Will Cost Customers for Years to Come, February, 2016

The Proposed New Kosovo Power Plant: An Unnecessary Burden at an Unreasonable Price, January, 2016 (version in Albanian)

Declaration of David Schlissel, Case No. 15-1363 and Consolidated Cases: State of West Virginia v. USEPA , December, 2015

Declaration of Tom Sanzillo, Case No. 15-1363 and Consolidated Cases: State of West Virginia v. USEPA, December, 2015

Wollongong Coal Ltd’s Russell Vale Coal Mine A Likely Stranded Asset, December, 2015

Carpe Diem: Eight Signs That Now is the Time to Invest in the Global Energy Market Transformation, November, 2015

IEEFA background briefing, Australian Export Coal Quality, November, 2015

Georgia Power Company Should Retire Plant, November, 2015

PowerPoint: Georgia Power Should Retire Plant Hammond, November, 2015

PowerPoint: Changing Dynamics in the Global Seaborne Thermal Coal Markets & Stranded Asset Risk,  November, 2015

Public Comment to D.C. Public Service Commission, November, 2015

Memo to D.C. City Council: Ring-Fence Provisions of Proposed Exelon-Pepco Merger, November, 2015

Report: Past Peak Coal in China, November, 2015

Report: India’s Electricity-Sector Transformation: Global Capacity Building, November, 2015

Briefing Note: West Virginia Bailout Emboldens FirstEnergy and AEP in Ohio, October, 2015

Report: The Time is Right to Retire C.D. McIntosh Unit 3, October, 2015

Briefing Note: Adani Remote Prospects, September 2015

Testimony of Tom Sanzillo, City of Oakland, City Council Public Hearing, September, 2015

Report: Opportunity for a New Direction for Puerto Rico’s Electric System, September, 2015 (Versión en Español)

Losing Proposition – Why the Proposal to Repower the Cayuga Plant Should Be Rejected, August, 2015

Comments Submitted to the Department of the Interior, Listening Sessions on Reform of the Federal Coal Lease Program: The Federal Government Owns the Nation’s Largest Coal Deposits – and Must Act Accordingly, August, 2015

India’s Electricity Sector Transformation, August, 2015

Planning Assessment Commission Submission: Newcastle T4, A Stranded Asset?, July, 2015

Memorandum: CONSOL Proposal to Create CNX Coal Resources LP, June, 2015

A Bleak Future for Colstrip Units 1 and 2, June, 2015

Briefing Note: Struggling U.S. Coal Companies Face Debt Hurdles, Complications from Reclamation and Pension Obligations, Pressure from Hedge Funds, June, 2015

Cheyyur UMPP:  Financial Plan Will Make Electricity Unaffordable, May, 2015

Galilee Coal Basin:  Carmichael – A Stranded Asset?, May, 2015

Case for Divesting Coal from the Norwegian Pension Fund Global, May, 2015

Briefing Note: An Overview of Adani Enterprises’ Corporate Restructuring, May, 2015

Comments on Proposed Consolidated Federal Oil and Gas and Federal and Indian Coal Valuation Reform, ONRR 2012-0004-0024, May, 2015

Peabody Energy Management Is Rewarded as Investors Lose and Workers Are at Risk, April, 2015

Teck Resources: Rough Road on Oil Sands Investments, April, 2015

Letter to the Alaska Department of Natural Resources regarding Chuitna Coal Mine, April, 2015

Cost of Coal From Mine-Mouth Prairie State Plant Isn’t the Bargain That Was Promised, April, 2015

Left in the Dark: How the Alabama Public Service Commission Makes Customers Pay Billions of Dollars for Alabama Power Investments without Any Meaningful Public Review or Involvement, February, 2015

2014 – Another Year of Unmet Promises for the Prairie State Energy Campus, February, 2015

Exelon’s Proposed Acquisition of Pepco Holdings: Corporate Strategy at D.C. Ratepayer Expense, January, 2015

Briefing Note: Global Energy Markets in Transition, January, 2015

Stranded Out West: The Imminent Failure of Lanco Infratech’s Investment In Griffin Coal, December 2014

Briefing Note: The Narrabri Coal Seam Gas Project, December, 2014

No Need for New U.S. Coal Ports: Data Shows Oversupply in Capacity, November, 2014

20 Fourth-Quarter Questions for Powder River Basin Coal Producers, November, 2014

‘A Constellation of Risks’: How Public Accountability Is Slowing Tar Sands Development, October, 2014

Memo: Analysis of Paducah Power System’s Recent and Future Costs of Power from the Prairie State Energy Campus, October, 2014

Briefing Note: The Outlook for Financing for Australia’s Galilee Basin Coal Proposals, October, 2014

Report: How the High Cost of Power from Prairie State is Affecting Bowling Green Municipal Utilities’ Customers, October, 2014

FirstEnergy Seeks a Subsidized Turnaround, October, 2014

Report: No Evidence of a Turnaround at Prairie State, September, 2014

Briefing Note: Fossil Fuels, Energy Transition & Risk, July, 2014

Duke Energy and Costs of Coal Ash Cleanup, June, 2014

Briefing Note: Fossil Fuels, Energy Transition & Risk, June, 2014

NYC and NYS Pension Funds Should Divest Coal Stocks: A Shrinking Industry, Weak Upside, and Wrong on Climate Change, May, 2014

Briefing Note: Thermal Coal Outlook, May, 2014

Briefing Note: India Power Prices, May, 2014

Briefing Note: WICET, May, 2014

Briefing Note: Fossil Fuels, Energy Transition & Risk, April, 2014

Overpriced power: Why Batavia is Paying So Much for Electricity, February, 2014

Huntley Generating Station: Coal Plant’s Weak Financial Outlook Calls for Corporate and Community Leadership, January, 2014

When, Not If: Bridgeport’s Future and the Closing of PSEG’s Coal Plant, January, 2014

Remote Prospects: A Financial Analysis of Adani’s Coal Gamble in Australia’s Galilee Basin, November, 2013

Energy Future Holdings and Mining Reclamation Bonds in Texas, October, 2013

Coal India: Running on Empty? CIL Misleading Investors, Extractable Reserves Could be Exhausted in 17 years, September, 2013

Changing Course: A Clean Energy Investment Plan for Dominion Virginia Power, August, 2013

Why Should the Ohio Attorney General Be Asked To Investigate The Prairie State Deal?, August, 2013

Mountain State Maneuver: AEP and FirstEnergy Try to Stick Ratepayers with Risky Coal Plants, July, 2013

Response to the Department of Interior, Office of Inspector General Audit on Federal Coal Leasing Program, June, 2013

Stranded: Alpha Coal Project in Australia’s Galilee Basin, June, 2013

Dark Days Ahead: Financial Factors Cloud Future Profitability at Dominion’s Brayton Point, March, 2013

Public Utility Regulation Without The Public: The Alabama Public Service Commission and Alabama Power. Weak PSC Oversight Benefits Alabama Power At Customers’ Expense, March, 2013

Why a Forward Capacity Market Won’t Solve Texas’ Resource Adequacy Problem: The Case of Energy Future Holdings, February, 2013

A Texas Electric Capacity Market: The Wrong Tool for a Real Problem, February, 2013

The Kemper IGCC Project: Cost and Schedule Risks, November, 2012

The Prairie State Coal Plant: The Reality vs. The Promise, August, 2012

Almost $30 Billion in Revenues Lost to Taxpayers By “Giveaway” of Federally Owned Coal in the Powder River Basin, June, 2012