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International Monetary Fund

needed capital and managerial know-how will be brought to the energy sector through minority and /or strategic private investors into key energy firms, including Petrom, Transelectrica, and Romgaz. The authorities are committed to bringing investment into the sector by moving ahead to prepare sales of minority or strategic stakes in individual firms slated to be included in the national champion companies. The coal companies will also continue to be downsized, with viable assets spun off. In the transport sector , passenger railway and infrastructure service will be

International Monetary Fund

, Romgaz. In order to generate sizable additional investment in the energy strategy, the authorities will begin the process of offering minority stakes in the Hydropower Company and Nuclear power plant. The coal companies will continue to be downsized by forming separate legal entities and splitting viable and non-viable assets. The viable assets will later be privatized and non-viable assets will be liquidated in line with EU rules. In conclusion, my authorities concur that the current precautionary Stand-By Arrangement will maintain the reform momentum, provide

Mr. Tobias Adrian, Mr. Patrick Bolton, and Alissa M. Kleinnijenhuis
We measure the gains from phasing out coal as the social cost of carbon times the quantity of avoided emissions. By comparing the present value of the benefits from avoided emissions against the present value of costs of ending coal plus the costs of replacing it with renewable energy, our baseline estimate is that the world can realize a net gain of 77.89 trillion USD. This represents around 1.2% of current world GDP every year until 2100. The net benefits from ending coal are so large that renewed efforts, carbon pricing, and other financing policies we discuss, should be pursued.
Mr. Tobias Adrian, Mr. Patrick Bolton, and Alissa M. Kleinnijenhuis

out coal. Indeed, under a Coasian bargain coal companies would be compensated for losses they incur from ceasing their operations, and the social benefits from avoided emissions would be assessed net of both opportunity costs of phasing out coal and capital expenditures required to install the replacement renewable energy capacity. Gross social benefits from all avoided emissions – capturing both the private economic gains of individuals directly involved in the transaction as well as the external economic gains of third parties not directly involved in the

International Monetary Fund

process completed by end-2015. The coal companies will continue to be downsized by forming separate legal entities and splitting viable and non-viable assets. The viable assets will later be privatized and non-viable assets will be liquidated in line with EU rules. For attracting more private investment, the authorities decided to pursue an alternative energy strategy with smaller energy companies, including the partial privatization of a number of them. In conclusion, my authorities concur that the current precautionary Stand-By Arrangement will maintain the reform

International Monetary Fund

in the Letter of Intent, the authorities do not expect that the plans drawn for the privatization of public enterprises in 2000 can be fully executed. Despite difficulties linked both to lack of investor interest and security problems, the government is going ahead in 2000 with the privatization of the coal company, Carbocol, the electricity generating firm, Isagen, and the Bogota telephone company, ETB. To facilitate additional external borrowing, in light of the delay in the privatization program, the authorities have asked for the end-2000 external debt

International Monetary Fund. Asia and Pacific Dept

). Over 100 banks, including global financial institutions, have announced coal divestment, and Indonesian coal companies could increasingly face external financial constraints. Considering the global aspirations for moving toward greener economies, demand for Indonesian coal might not fully recover to pre-pandemic levels in the post-COVID-19 era, and coal prices could be subdued in the medium and long term. The possible deterioration of the financial health of coal companies could have broader economic and financial spillovers. Signatories of Principles for