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    CPX   CA14042M1023

CAPITAL POWER CORPORATION

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Spain joins campaign to phase out coal by 2030

06/30/2021 | 11:55am EDT

MADRID, June 30 (Reuters) - Spain joined an international campaign to set a date for closing all coal plants by 2030 on Wednesday, signing up to a target it looks well-placed to beat by a wide margin.

The Powering Past Coal Alliance now counts 23 national governments among 133 members united by the desire to speed up the demise of coal-fired power generation and contribute to reining in planet-warming carbon emissions.

North Macedonia and Montenegro also joined the campaign, along with French asset manager Amundi and Canadian utility Capital Power Corp.

With abundant sunlight, blustery hillsides and vast plains, Spain is transforming its energy system to rely on renewable sources and expects to have closed 85% of its total coal capacity by 2022.

The United States and European Union pledged last month to develop green technologies but steered clear of setting a firm end-date for burning coal. Britain, however, said on Wednesday it aimed to end the use of coal in electricity generation by 2024.

Spain's Energy and Environment Minister Teresa Ribera has long argued that coal will fade out as the costs of emissions permits climb and other sources become ever cheaper. A national climate plan submitted to Brussels last year foresees coal capacity dwindling to zero by 2030.

Ribera said in a statement on Wednesday: "We need to take concrete steps towards a global coal power phase-out at COP26 in Glasgow," referring to a U.N. conference due to start on Oct. 31.

Research group Ember welcomed Spain's entry into the alliance, saying it "puts pressure on European laggards like Germany to join a united block on coal phase-out".

Ember representative Charles Moore said that "Spain making a 2030 commitment, rather than passively relying on market forces, adds crucial momentum."

(Reporting by Isla Binnie; Editing by Alison Williams and Lisa Shumaker)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMUNDI -0.20% 74.8 Real-time Quote.12.20%
CAPITAL POWER CORPORATION -0.48% 43.57 Delayed Quote.24.56%
POWER CORPORATION OF CANADA 0.29% 41.93 Delayed Quote.43.04%
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Financials
Sales 2021 1 876 M 1 486 M 1 486 M
Net income 2021 235 M 186 M 186 M
Net Debt 2021 3 095 M 2 451 M 2 451 M
P/E ratio 2021 21,9x
Yield 2021 4,85%
Capitalization 5 016 M 3 967 M 3 973 M
EV / Sales 2021 4,32x
EV / Sales 2022 4,48x
Nbr of Employees 810
Free-Float 89,0%
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Number of Analysts 13
Last Close Price 43,57 CAD
Average target price 44,85 CAD
Spread / Average Target 2,93%
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Managers and Directors
Brian Tellef Vaasjo President, Chief Executive Officer & Director
Sandra A. Haskins Chief Financial Officer & Senior VP-Finance
Jill V. Gardiner Chairman
Jacquie Pylypiuk Senior Vice President-People, Culture & Technology
Darcy John Trufyn Senior VP-Operations, Engineering & Construction