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Another coal plant in Spain headed for retirement

first_img FacebookTwitterLinkedInEmailPrint分享Argus Media:Spanish utility Viesgo has requested the closure of its 570MW Los Barrios coal-fired plant, the biggest of the three coal units that were still expected to continue operating in mainland Spain after 2022.The decision comes just four months after the company told Argus it planned to keep Los Barrios operational, suggesting the impact of the Covid-19 pandemic on Spanish coal-fired power demand may have contributed to the change in strategy. Viesgo said it could not determine an estimated closure date for the plant as the process was subject to several administrative procedures and authorisations.Data from Spanish power grid operator REE show that coal-fired generation in the southwest province of Cadiz — where Los Barrios is the sole coal generator — reached minus 4.78GWh in the first five months of this year, which means the unit consumed more electricity than it produced during the period. This compares with a generation of 493GWh — or a 136MW hourly average — in January-May 2019.Coal-fired generation in May reached only 245GWh, or 330MW, in mainland Spain, down by 28.6pc year on year and a new record low. The volume represented just 1.4pc of the energy mix, also a historical minimum share.Viesgo’s decision means that Portuguese utility EDP’s 562MW Abono 2 and 346MW Soto de Ribera 3 are the only coal-fired plants that would continue operating in mainland Spain. EDP told Argus last month that it has been considering plans to shut down Soto de Ribera 3 by 2022, which means Abono 2 might become the sole coal unit in the peninsular system in the near future.A total of 15 of the existing 25 coal-fired units in mainland Spain are expected to close by 30 June this year, ahead of stricter EU-wide industrial emissions standards coming into force on 1 July. These units have a combined capacity of 4.87GW, more than half of the total 9.21GW. Another 2.5GW — Spanish utility Endesa’s 1.1GW Litoral de Almeria and 1.4GW As Pontes — could close by the end of 2021.[Juan Weik]More: Spain’s Viesgo U-turns and now plans to shut coal plant Another coal plant in Spain headed for retirementlast_img read more

ESMA consults on short-termism in financial markets

first_imgThe EU financial markets watchdog has launched a consultation on potential short-term pressures on corporations emanating from the financial sector.The consultation takes the form of a survey addressing investors, issuers, and trade associations, and covers six areas:investment strategy and investment horizon;corporate reporting on environmental, social and governance (ESG) matters and its contribution to long-term investment strategies;the role of fair value accounting in better investment decision-making;engagement by institutional investors;fund manager and corporate executive pay; andthe use of credit default swaps by investment funds.The European and Securities Markets Authority (ESMA) said it was “not claiming there is a causal relationship” between these areas and short-termism, but it was seeking stakeholders’ views on them “to better understand their interaction with short-termism”. In the context of its sustainable finance action plan, in February the European Commission issued ESMA and the other two European supervisory agencies with a request to collect evidence on “potential undue short-term pressure from capital markets on corporations”.ESMA said the Commission’s mandate indicated that decisions taken by corporations did not “fully reflect long-term aspects that would be required to put the EU economy on a sustainable path and manage the transition towards a low-carbon economy”.The questionnaire will be open until 29 July. ESMA is due to report to the Commission on the findings by December.last_img read more