🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Engie considering closure or sale of Australian coal plant

Published 25/05/2016, 08:24 pm
© Reuters.  Engie considering closure or sale of Australian coal plant
ENGIE
-

PARIS, May 25 (Reuters) - French gas and power group Engie ENGIE.PA said it is considering the closure or sale of its Hazelwood coal-fired plant in Australia as part of its strategy to exit the fossil fuel.

Chief Executive Isabelle Kocher told a French Senate committee on Wednesday that following the sale of two coal plants in Indonesia and India, coal would represent about 10 percent of its energy mix and that the utility planned a gradual exit from coal in the coming years.

"For the Hazelwood plant, we are studying all possible scenarios, including closure, or a sale if the state of Victoria tells us that it cannot meet power generating needs without this plant," Kocher said.

Environmental organisations say the plant is one of the most polluting power stations in the world.

The Hazelwood plant, close to Melbourne, is located next to an open-cut pit coal mine, which burned uncontrollably for weeks in early 2014.

Engie's Australian unit was charged in court in February with failing to provide a safe workplace and ensure public safety over the fire. acquired a majority stake in the plant when it bought International Power in 2012.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.