Money Buzz! Europa

Tag: power plant

  • Czechia could stop using coal for electricity production in 2038

    Czechia could stop using coal for electricity production in 2038

    A special unit set up by the Czech government recommended that the country to stop using coal in 2038, DPA reports.

    2038 is a compromise solution, said the Czech Minister of Industry, Karel Havlicek, during the presentation of the final report, adding that two other possible dates were discussed: 2033 or 2043.

    Environmental NGOs have called for faster disposal of fossil fuels and doctors have signed a petition warning of the consequences of air pollution.

    Environmental activists who have been picketing the Czech Ministry of Industry and Environment since November 16 have called for the removal of coal by 2030 at the latest.

    Currently, coal-based power plants are responsible for 50% of electricity production in Czechia.

    Coal is to be replaced by renewable energy sources as well as current and new nuclear reactors.

  • EIB backs 826 MW Mytilineos power plant in Greece

    EIB backs 826 MW Mytilineos power plant in Greece

    The European Investment Bank has agreed to support construction of a new power plant in Greece by Mytilineos S.A.

    The new 826 MW CCGT Agios Nikolaos power plant will allow greater use of renewable energy resources in the country and enable the phasing out of lignite power generation in Greece by 2023, as well as supply long-term energy demand.

    European financial backing

    The EIB will provide a EUR 125 million 8 year loan to finance construction and connection of the new EUR 322m plant at Agios Nikolaos Viotias in central Greece alongside an existing energy generation center and industrial site.

    The EIB loan is guaranteed by the European Union under the Investment Plan for Europe.

    Crucial investment in the context of lignite power plant closures and expansion of renewable energy in Greece

    Once operational the new 826 MW natural gas CCGT plant will contribute to ensuring sufficient generation capacity to support the shut down of all -except one- lignite power plants in Greece by 2023. Lignite currently accounts for 4 GW of power generation in Greece, 22% of total capacity in the country.

    The Agios Nikolaos plant will also provide flexibility to allow greater use of intermittent wind and solar power in the future and enable increased electricity network  interconnection between mainland Greece and the islands.

    The new plant will be the most efficient gas power plant in Greece and use state of the art CCGT technology. The new investment by Mytilineos S.A. will also help to diversify power generation in Greece and increase competition in the energy sector.