Coal news and updates

China plans to slash coal-fired power capacity at its five biggest utilities by as much as a third in two years by merging their assets, according to a document seen by Reuters and four sources with knowledge of the matter.The move to shed older and less-efficient capacity is being driven by pressure to cut heavy debt levels at the utilities. China, is, however, building more coal-fired power plants and approving dozens of new mines to bolster a slowing economy.The five utilities, which are controlled by the central government, accounted for around 44 per cent of China's total coal-fired power capacity at the end of 2018."(The utilities) will strive to reduce coal-fired power capacity by one quarter to one third ... cutting total losses by more than 50 per cent from the current level to achieve a significant decline in debt-to-asset ratios by the end of 2021," the document said.

 

Source : https://www.businesstimes.com