Wed, 19 Oct 2011
Reuters quoted an executive from Spanish utility Iberdrola said Spain is on course to import 10 million tonnes of thermal coal in 2011 due to better margins on burning coal than liquefied natural gas.
Speaking on the sidelines of the annual Coaltrans conference in Madrid, utility sources said they have renegotiated LNG take-or-pay contracts and resold cargoes, mainly to Japan but also to Europe and elsewhere in Asia.
Mr Jorge Palomar a Madrid based executive in Iberdrola's coal and biomass trading department said "All of Spain's coal-fired power plants are currently burning."
Data from national grid operator REE showed coal plants were providing 21.1% of Spain electricity by 1150 GMT which compares to an average of 8% for 2010 as a whole.
(By Reuters)
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