Britain’s decision to leave the European Union may push back its planned exit from coal, a mainstay in the nation’s energy supply for more than a century. As the region’s second-biggest economy plans to close its last coal-fired power plant in less than a decade, it will be forced to rely more than ever on imports of natural gas and electricity.
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Pressured by environmentalists and worried about big losses from a troubled industry, many large banks and other lenders have made a hasty retreat from coal mining in recent years. But even in these dark times, there was one bank that many coal miners could still count on for financing and advice: Deutsche Bank.
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Construction work has begun on the Trans Adriatic Pipeline, which is expected to bring natural gas from the Caspian Sea to Europe and ease reliance on Russian gas imports. The €5 billion ($5.67 billion) project is expected to supply around 10 billion cubic meters of Azeri gas a year to European countries, enough to cover the energy needs of some seven million European households.
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Food producer Mars has agreed to buy its electricity from a company that generates its power at a 20-turbine wind farm in the Highlands. Eneco UK’s Moy Wind Farm near Tomatin, south of Inverness, should generate the equivalent amount of electricity used by Mars’ 12 UK sites.
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In the debate with Commission Vice-President Maroš Šefčovič the EESC stressed the importance of establishing an intelligent, efficient and sustainable EU external energy policy and the need for a shared vision – rather than mere technical/administrative reporting – to ensure that the Energy Union objectives are effectively pursued.
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Tens of thousands of miners were on strike and coal prices were skyrocketing in October 1902. Afraid of unrest, President Theodore Roosevelt sought the help of John Pierpont Morgan.
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