Big Winners From Natural-Gas Crunch: Coal Power Plants in Europe

Coal power plants are running at full tilt in parts of Europe and enjoying a rare bout of massive profitability, a setback to efforts to cut carbon emissions.

Under Europe’s climate policies, this shouldn’t be happening. The European Union and U.K. pushed world leaders, unsuccessfully, to back an end to coal consumption at the Glasgow summit on climate change. Both have markets for emission permits that are designed to pinch profit at polluters such as coal-fired power stations and funnel capital toward greener energy.