Because cheap gas is reducing coal demand in the US, there is “a lot of cheap coal in the marketplace”. As a result, Europe is burning more coal, while demand for gas – which emits much less CO2 than coal – is declining.
“You have this ridiculous situation where cash-strapped Europe is putting a lot of money into renewables to reduce CO2, meanwhile allowing … the power generators to take much more coal and back out gas,” he said.
“All the benefits you’re getting from the renewable energy are being counteracted by far too much coal.”
Hugely expensive AND no reduction in emissions.
You really do have to work hard to make such a ghastly cock up don’t you. But never fear, they’ve managed it.