RWE to Phase Out Coal by 2030
04 October 2022 - 8:23PM
Dow Jones News
By Maitane Sardon
RWE AG said Tuesday that it will phase out the use of coal for
electricity generation sooner than expected as part of an agreement
with the German government.
The German energy company said it aims to stop using the
combustion of lignite--also known as brown coal--to generate power
by 2030. It was previously targeting 2038 as the deadline to stop
burning coal.
The decision will leave around 280 million metric tons of coal
in the ground, meaning that 280 million tons of carbon dioxide
won't be released into the atmosphere, RWE said.
However, the company noted that coal use will increase in the
short term, with Germany postponing the shutdown of some coal-fired
power plants to compensate for a lack of Russian gas.
"In the current crisis, we are contributing to the security of
supply in Germany by temporarily increasing the use of our
lignite-fired power plants and are thus also helping to displace
gas from electricity generation. At the same time, we are investing
billions of euros to accelerate the energy transition and are ready
to phase out lignite by 2030," said RWE CEO Markus Krebber.
The company plans to invest more than 50 billion euros ($49.12
billion) in expanding its green core business by 2030, of which
EUR15 billion is earmarked for Germany.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
October 04, 2022 05:08 ET (09:08 GMT)
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