Worlds Largest Coal Producer, Scraps 37 Mines Due to Plummeting Solar Prices [View all]
(EnviroNews World News) — India, a target of President Donald Trump’s wrath when he announced he was withdrawing the U.S. from the Paris Climate Agreement (Paris Accord), is moving away from coal. That was evident on June 10, 2017, when the country’s government-owned Coal India Limited announced it would close 37 unprofitable coal mines.
Coal India is the world’s largest coal producer. It dug up 554 million tons of the black rock last year alone. Coal-fired power plants currently account for 63 percent of electric generation in the country, which still has 300 million people without electricity at all. There are 370 new coal plants being planned to close that gap – but it now looks as if many of them may not be built.
The reason is simple: solar now costs far less than coal. According to Bloomberg New Energy Finance (BNEF), new coal plants in India can produce electricity at a cost of 3,541 rupees per megawatt-hour. Solar is 2,440 rupees per megawatt-hour.
That cost advantage is being reflected in business decisions, says BNEF. India’s largest power utility is targeting non-fossil sources for 30 percent of its generating capacity by 2032. The company NTPC Ltd., is now looking to install solar on land previously designated for fossil fuel projects.
http://www.environews.tv/world-news/coal-india-worlds-largest-coal-producer-scraps-37-mines-due-plummeting-solar-prices/
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