Energy Giants Lose Bid to Win Compensation for Forced Coal Plant Closures [Financial Post (Toronto, Ontario, Canada)]
RWE AG ORD S/ADR (RWEOY)
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Source: Financial Post
(Bloomberg) — Uniper SE and RWE AG lost a bid to get compensation from the Netherlands government over the forced early closing of their coal plants in the country. A Dutch court ruled Wednesday that the energy giants weren't entitled to payouts after the country adopted a law in 2019 that ordered all coal plants to stop burning the dirtiest fossil fuel by 2030 in order to cut emissions fast enough to fall in line with climate change pledges. “It is an important day for the climate,” Rob Jetten, Dutch Energy and Climate minister, said in a statement. “We continuously stated this measure is necessary because the operators showed too little initiative to make their coal plants more sustainable. It is good we have clarity now.” The companies said that the Dutch government invited them to build coal-fired plants and therefore deserve to be compensated for the lost profits. The government argued that the coal-fired power plants were already making a loss and that the companies are s
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