On the same day a new The Economist Intelligence Unit report concluded European coal generation is declining and will continue to face a « difficult outlook », Danish giant Dong Energy (CPH:DENERG) announced it would phase out the use of the fossil fuel.
As part of the plan, Dong Energy will stop using coal at all of its European power plants by 2023 while it moves ahead with a multi-billion dollar renewables investment plan, which includes developing the world’s largest offshore wind farm.
“The decision is in line with our vision to lead the way in the transformation to a sustainable energy system and create a leading green energy company, » chief executive Henrik Poulsen said in the statement.
The company has already reduced its use of coal from 6.
