By Rakteem Katakey
Europe is burning coal at the fastest pace since 2006, as surging imports from U.S. producers such as Arch Coal Inc. (ACI) (ACI) helped cut prices 26 percent in a year and benefited European power companies including EON AG.
Demand for coal, the dirtiest fuel for making electricity, grew 3.3 percent last year in Europe while sales of less- polluting natural gas fell 2.1 percent, the steepest drop since 2009, according to a BP Plc report. Germany’s EON and RWE AG (RWE), the biggest utilities in Europe’s largest power market, are considering shutting unprofitable gas-fired plants even as Chancellor Angela Merkel promotes gas to replace nuclear energy. (more…)