February 26, 2021 Read More →

Engie to close its remaining coal plants by 2027

S&P Global Market Intelligence ($):

Engie SA will close its last coal plants in Europe, Africa and Latin America by 2027, part of the company’s ongoing quest to simplify its business and put a stronger focus on renewable energy.

The French utility’s new CEO, Catherine MacGregor, said Feb. 26 that Engie would get rid of its last European coal station in Portugal by 2025 and close the remainder of its capacity two years later.

Engie still owns stakes in just over 4 GW of coal-fired capacity around the world, mostly consisting of eight plants scattered across Chile, Brazil and Peru. Its largest is a 1.25-GW power station in Morocco, which the company co-owns with Nareva Holding and Japan’s Mitsui Group.

The company already sold more than 2.3 GW of European coal plants to a private equity firm in 2019 and completed its exit from a Thailand-based coal and gas generator that same year. Its new target includes replacing coal in district heating networks as well, where MacGregor said units could be converted to biomass.

Despite its coal phaseout, Engie is one of a few major European utilities without a net-zero emissions target. The company said its greenhouse gas emissions from power generation declined by over 9% to 68 million tonnes in 2020 and it will target a reduction to 43 million tonnes by 2030.

[Yannic Rack]

More ($): Engie to close last global coal plants by 2027 under new CEO

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