June 19, 2017 Read More →

On the Blogs: India’s Plan to Close 37 Coal Mines

ClimateActionProgramme.org:

The largest coal mining company in the world, Coal India, has announced plans to decommission a total of 37 mines which are no longer economically viable in India.

Coal India, which accounts for over 80 per cent of the India’s coal production, produced an average of 1.42 tonnes of coal per day in June last year.

Earlier this month, the government-owned coal producer informed the Bombay Stock Exchange its intentions to close 37 mines in the country, on account of them no longer being financially viable.

According to Coal India, all 37 mines will be retired by March next year.

The mines make up approximately 9 per cent of the total number of mines operated by Coal India.

The Telegraph India – quoting industry sources – reported that the company is expecting to yield savings of around Rs 800 crore ($124 million).

Increasing competition from renewable energy technologies is adding to the pressure on underground mines.

According to the Energy and Resources Institute (TERI), if the cost of renewable energy and storage continues to fall at current rates, India could phase out coal power completely by 2050.

India cancelled plans to build almost 14 gigawatts (GW) of coal-fired power stations in May, as solar tariffs in the country remain in freefall.

Tim Buckley, Director of the Institute for Energy Economics and Financial Analysis (IEEFA), said: “For the first time, solar is cheaper than coal in India and the implications this has for transforming global energy markets are profound.”

World’s largest coal company to retire 37 mines in India

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