Coal: Caught in the EU Utility Death Spiral

Ever since Thomas Edison patented a system for electricity distribution in 1889, the electricity sector has grown and become essential to the social and economic development of every country worldwide.

However, the electricity sector is changing. Nowhere has this change been more profound than in Europe. In this report we analyse the EU's largest 5 power generators: √Člectricit√© de France (EDF), GDF Suez, Enel, E.ON and RWE, who collectively represent nearly 60% of Europe's electricity generation, during the period between 2008 and 2013 to help understand:

  1. why they lost so much value; and
  2. the viability of new coal in Europe based on our assessment of future market conditions.