AMSTERDAM, Nov 30 (Reuters) - The Dutch government on Tuesday said it would pay Onyx Power 212.5 million euros ($241.8 million) to shut its coal-fired energy plant in Rotterdam at short notice.
The site is one of four coal-fired plants in the Netherlands, all of which are due to be shut down by 2030, the Dutch government decided in 2018.
The government had already indicated that one of the four plants would have to close well before 2030 as the Netherlands struggles to meet its climate goals.
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Increasing use of renewable energy last year helped to lower CO2 emissions in the country by 25% relative to 1990 levels, which was exactly enough to meet the reduction ordered by the country’s High Court in a case brought by environmental activists.
However, emissions are likely to rise again this year because part of last year's progress was a result of COVID-19 lockdowns and favourable weather.
Onyx Power is owned by investment firm Riverstone Holdings (RVHL.SI), which in 2019 bought several coal-fired plants in Germany and the Netherlands from French utility Engie (ENGIE.PA).
The Rotterdam plant will shut in two months after all conditions for the subsidy are met, the government said.
German energy company RWE in February filed a lawsuit against the Dutch government to seek compensation for the planned shutdown of its Netherlands coal plant in the coming decade.
($1 = 0.8787 euros)
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Reporting by Bart Meijer Editing by David Goodman
Our Standards: The Thomson Reuters Trust Principles.
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Onyx coal-fired power plant to shut with Dutch government support - Reuters
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