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Miners work in Hungary's last remaining deep-cast coal mine at Markushegy, 70 km west of Budapest, January 23, 2013.
Miners work in Hungary's last remaining deep-cast coal mine at Markushegy, 70 km west of Budapest, January 23, 2013.
(Laszlo Balogh/Reuters)

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As coal gets cheap, Europe goes over to the dark side

The stage is now set for a dash for coal by Europe’s power generators. A messy row in the European Parliament over measures to repair the ETS, the EU’s broken carbon trading system, has led to the collapse of the price of carbon allowances. It is now so cheap to emit carbon, and European industry is hoarding so many permits to emit the greenhouse gas, that it makes little sense to do anything but burn the cheapest fuel the market can supply.