{"id":259683,"date":"2023-05-30T12:43:02","date_gmt":"2023-05-30T10:43:02","guid":{"rendered":"https:\/\/climatescience.press\/?p=259683"},"modified":"2023-05-30T12:43:05","modified_gmt":"2023-05-30T10:43:05","slug":"dumping-coal-assets-near-the-bottom-of-the-market-a-green-energy-success","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=259683","title":{"rendered":"Dumping Coal Assets Near the Bottom of the Market a Green Energy Success?"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Watts Up With That<\/a><\/p>\n\n\n\n

Essay by Eric Worrall<\/strong><\/p>\n\n\n\n

\u201cHer \u2026 contract was not renewed\u201d: A recent 4000 attendee climate change summit in Paris came up with some interesting ideas on promoting renewable energy to company boards.<\/p>\n\n\n\n

\n

Incentivizing Boards Of Directors To Address Climate Change, At ChangeNow Summit<\/strong><\/p>\n\n\n\n

Joan Michelson<\/a>
Contributor<\/p>\n\n\n\n

To truly avoid reaching that potentially irreversibly devastating 1.5 degrees Celsius warming \u2013 which the UN\u2019s World Meteorological Organization just announced that we\u2019ll cross in a few years \u2013 we need every aspect of the economy to take action, literally.<\/p>\n\n\n\n

At the ChangeNow 2023 Summit<\/a> in Paris, France last week with over 4,000 attendees from 120 countries and across industries, gathered to strategize how to do that and share solutions, as well as to make deals.<\/p>\n\n\n\n

\u2026<\/p>\n\n\n\n

Isabelle Kocher de Leyritz<\/a> explained in one of my sessions at ChangeNow how she did just that as CEO of Engie, one of Europe\u2019s largest fossil fuel energy companies. She talked about how the board asked her, then CFO, to develop a plan to transition the company and then elevated her to the CEO role to execute her plan. She told us about the robust debates she had with Engie\u2019s board of directors, and how she persuaded them to sell off coal assets and invest that money into renewable energy assets instead. Now CEO of Blunomy, a consultancy, her Engie contract was not renewed<\/strong>, but Engie remains in renewable energy.<\/p>\n\n\n\n

\u2026Read more: https:\/\/www.forbes.com\/sites\/joanmichelson2\/2023\/05\/28\/incentivizing-boards-of-directors-to-address-climate-change-at-changenow-summit\/?sh=24d9ee77722d<\/a><\/p>\n<\/blockquote>\n\n\n\n

Engie CEO Isabelle Kocher de Leyritz announced the deal to sell Engie\u2019s European coal assets on the 26 April 2019<\/a>, close to the bottom of the coal price cycle.<\/p>\n\n\n\n

Shortly after disposing of European coal assets in 2019, in February 2020, Engie announce they would not be renewing Isabelle\u2019s CEO contract.<\/p>\n\n\n\n

\n

\u2026 In an interview with French newspaper Les Echos<\/em><\/a>, Clamadieu explained the board blamed Kocher for Engie \u201cfalling behind over four years in the area of electricity generation and gas infrastructure, which now represents 80% of our profits\u201d.<\/p>\n\n\n\n

Engie\u2019s stock price opened at \u20ac15.63 on 7 February \u2014 down from the previous close of \u20ac15.71\/share \u2014 following the announcement. Its shares continued to fall as low as \u20ac15.51. \u2026Read more: https:\/\/www.windpowermonthly.com\/article\/1673343\/engie-will-not-renew-ceo-kochers-contract<\/a><\/p>\n<\/blockquote>\n\n\n\n

Engie didn\u2019t just own coal plants, they also owned at least some of the adjacent coal mines<\/a>. Isabelle was CEO when Engie decided to close the Australian Hazelwood plant, which used to provide 25% of the State of Victoria\u2019s energy<\/strong>.<\/p>\n\n\n\n

\n

\u2026 Engie shuttered Hazelwood with just five months\u2019 notice in 2017 \u2013 a scenario that the Victorian government has avoided with Yallourn by arranging with its owner to close the plant, which delivers about 20% of Victoria\u2019s electricity, in 2028, four years earlier than planned.<\/p>\n\n\n\n

Before Engie closed it, Hazelwood produced about 25% of Victoria\u2019s electricity and was responsible for about 14% of the state\u2019s emissions.<\/p>\n\n\n\n

The nearby open-cut mine from which it sourced brown coal also burned out of control for 45 weeks in 2014<\/a> after a bushfire spread into it.<\/p>\n\n\n\n

Engie\u2019s chief executive for Australia and New Zealand, Augustin Honorat, said the company had a \u201clong-term commitment\u201d to Hazelwood and the Latrobe valley that included remediating the site and acting as \u201cthe builder and owner of a new energy asset that helps with the decarbonisation of the energy system\u201d. \u2026Read more: https:\/\/www.theguardian.com\/australia-news\/2021\/dec\/01\/australias-biggest-privately-funded-battery-under-construction-at-hazelwood-power-station-site<\/a><\/p>\n<\/blockquote>\n\n\n\n

Hazelwood produced $387 million dollars profit in 2010<\/a>. Even if Hazelwood needed to be completely scrapped, a brand new 1GW HELE coal plant would cost around AUD $2.2 billion according to APO, an Aussie think tank<\/a>. $387 million \/ year profit on a $2.2 billion investment would have been a 17.5% return on investment<\/strong>, as opposed to what actually happened \u2013 a site rehabilitation money pit and speculative, subsidy dependent 150MWH green battery investment, which is still struggling to arrange connection to the grid.<\/a><\/p>\n\n\n\n

Obviously my interpretation of events could be wrong, my apologies to Isabelle if I have misunderstood the situation. I would be happy to publish her version of events if she gets in contact<\/a>.<\/p>\n\n\n\n

But something obviously went very wrong with the relationship between Isabelle Kocher de Leyritz and Engie, otherwise they would have renewed her CEO contract.<\/p>\n\n\n\n

What can I say? If I have understood the situation correctly, if this is the green movement\u2019s idea of successfully influencing an energy company to go green, I\u2019d hate to see their idea of a failure.<\/p>\n\n\n\n

Correction: h\/t Mr<\/a> \u2013 got my millions and billions mixed up.<\/em><\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cHer \u2026 contract was not renewed\u201d: A recent 4000 attendee climate change summit in Paris came up with some interesting ideas on promoting renewable energy to company boards.<\/p>\n","protected":false},"author":121246920,"featured_media":259688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691818056,691818090,691818076,691819635],"class_list":{"0":"post-259683","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-climate-change","9":"tag-climate-warning","10":"tag-co2","11":"tag-coal","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/01200x800.jpg?fit=1200%2C800&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-15yr","jetpack-related-posts":[{"id":290949,"url":"https:\/\/climatescience.press\/?p=290949","url_meta":{"origin":259683,"position":0},"title":"Dubious climate change solutions on display at COP28","author":"uwe.roland.gross","date":"12\/11\/2023","format":false,"excerpt":"A climate\u00a0alarmist letter\u00a0initially with 800 (now 1,400) signatories from business and government, \u201ccelebrities,\u201d faith leaders and others was just released with familiar cliches (\u201cwe are at a tipping point\u201d). 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The\u00a0COP28 event\u00a0will emit large amounts of carbon dioxide but is unlikely to have any measurable effect on global temperatures. 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Those who say otherwise are either dangerously ignorant or simply seeking to perpetuate the climate wars.\u201d\u00a0 Climate change minister\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/image-88.png?fit=726%2C378&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/image-88.png?fit=726%2C378&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/image-88.png?fit=726%2C378&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/image-88.png?fit=726%2C378&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":238553,"url":"https:\/\/climatescience.press\/?p=238553","url_meta":{"origin":259683,"position":4},"title":"\u201cSouth Africa is the perfect laboratory\u201d for Green End of Coal Plans","author":"uwe.roland.gross","date":"01\/08\/2023","format":false,"excerpt":"UN funded climate activists are trying to turn South Africa into a playground for their failed energy ideas.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-341.png?fit=800%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-341.png?fit=800%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-341.png?fit=800%2C400&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-341.png?fit=800%2C400&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":425396,"url":"https:\/\/climatescience.press\/?p=425396","url_meta":{"origin":259683,"position":5},"title":"Climate Change and Energy:\u00a0 World Leaders in Turmoil","author":"uwe.roland.gross","date":"02\/09\/2026","format":false,"excerpt":"\u201cThere is no evidence that UN COP meetings and more than $10 trillion spent on renewables over the last 30 years have affected the climate. 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