Between 2005 and 2008, European utility companies announced plans to build at least 49 GW of new coal-fired capacity.
German firms planned at least 20 GW, while their British and Dutch counterparts said they would build 7 GW and 4 GW, respectively.
But 77% of that 49 GW has been cancelled, while a further 1.1 GW looks highly unlikely to ever materialise. Just 12 of the 65 planned power stations have actually been built. None of the UK’s planned capacity has come to fruition.
A report by the University of Oxford’s Smith School of Enterprise and the Environment has revealed that this U-turn by European utilities is a result of poor forecasts and significant write-downs.