This week has seen a further blow to the global coal market in both industrialised and emerging economies, as the UK’s coal power phase out entered its end game and some of the world’s top banks revealed plans to accelerate the closure of coal power plants in Asia.
Energy giant Uniper today confirmed it is to close its Ratcliffe-on-Soar coal power plant in September 2024 once it has fulfilled its current contract to provide capacity under the UK’s Capacity Market scheme. It also announced that one of its generating units at the site would be closing earlier in September 2022.
“We are taking this opportunity to reduce coal generation on the GB system by closing one of the four 500MW units, two years ahead of the government’s announced coal phase out date,” the company said in a statement. “Uniper’s strategy includes our ambitious target to make our power stations in Europe carbon neutral by 2035