Research
We carry out scenario analysis and research to examine and understand how potential changes to supply and demand will impact the future of fossil fuel-exposed companies and projects. This analysis helps the investment community better understand the financial implications of tackling climate change
Power & Utilities
Blog
24 April 2025
CTI-PALEM: Quantifying the costs of transition finance to support coal phaseouts
Carbon Tracker’s Power-Asset Level Economics Model (CTI-PALEM) quantifies the costs of using transition finance to expedite coal power...
Power & Utilities
Flash Note
09 December 2024
Off Target
How to ensure that the clean power target enables decarbonisation of heat and transport while avoiding lock-in with high electricity...
Power & Utilities
Report
28 October 2024
The Real Emissions of Peterhead-CCS
Carbon Tracker analysis finds serious shortcomings in the Environmental Impact Assessment report of Peterhead-CCS This analysis...
Power & Utilities
Report
21 October 2024
CCUS: A Reality Check
Our recommendations for UK policymakers on how to avoid wasting billions of taxpayers' money without substantially decreasing...
Power & Utilities
Report
20 June 2024
Kind of Blue
The real climate impact of Blue Hydrogen and Gas-CCS Our report reveals that CO2 emissions from Blue Hydrogen and Gas-CCS projects...
Energy Transition
Blog
25 March 2024
Are We Ready for Trump Mark II?
After his recent primary wins Donald Trump is assured to be the Republican Party’s nominee for President. Polling shows he could beat...Popular Reads
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The UK Government’s CCUS strategy risks locking consumers into a high-cost, fossil-based future, despite cleaner and cheaper...
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For utilities, we must look both forward and backward. Firms must avoid building new coal and gas generation assets and...
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Carbon Tracker Power & Utilities Country Profiles updated and expanded
Power & Utilities Blog November 2023Today we are launching an update to our Country Profiles for the global coal power sector. This is a platform designed to assist...
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Энергетический переход Казахстана
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Report September 2023
Степенным шагом к углеродной нейтральности В этом докладе основное...
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Kazakhstan Energy Transition
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Report September 2023
Steppes to Net Zero This report focuses on Kazakhstan’s energy transition pathway and provides a perspective that strikes a...
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Crossroads – reenergising the UK power sector’s transition
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Report July 2023
The GB power system is increasingly at risk of becoming stuck in transition on its necessary path to carbon neutrality. Over...
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Investments in the electricity grid are not keeping up with the rapid growth of wind resulting in record losses of green...
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Pricing signals for low-carbon flexibility vital for future power market...
Power & Utilities Blog April 2023With UK and European leaders continuing to ponder the long-term future of power market design, common themes continue to arise...
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Balancing Act: Stranded Assets and Flexibility in China’s Power Sector
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Analyst Note March 2023
In September 2020, the People’s Republic of China announced targets of peaking economy-wide carbon emissions before 2030 and...
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Energy Transition’s clean technologies are empowering an industrial...
Energy Transition Blog February 2023There must have been a time in the 1920s some 20 years after the introduction of the Model T Ford in the United States, and with...
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Marginal Call
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Analyst Note February 2023
Recent extreme price spikes for the GB power market have triggered key discussions over whether the time has come for a shift in...
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Download Infographic Here The energy transition may well be determined by the phenomenon of S-curves. This is because the future...
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Investors Need to Look Carefully at Stranded Asset Risks
Regulatory & Policy Guest Blog January 2023This article was first published by Brink News, with thanks to Thomas Carver. The shift away from a carbon-based economy risks...
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African Sun: Why Solar Not Gas Offers Continent the Best Economic...
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Report November 2022
The war in Ukraine is a further example of the inherent fragility of the world fossil fuel system. It is accelerating the energy...
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Put a price on it: The case for more effective carbon pricing in Japan
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Analyst Note October 2022
Amidst an energy crisis and a power supply crunch, the Japanese power sector is today experiencing unprecedented stress owing to...
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Corporate Profile – Tenaga Nasional Berhad
Corporate Research (Power & Utilities) Analyst Note July 2022Tenaga Nasional Berhad (TNB) aims to achieve net zero emissions by 2050 underpinned by a commitment to reduce 35% of its...
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Corporate Profile – Adani Power Limited
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Analyst Note July 2022
Adani Power Limited (APL) has no commitment to achieve net zero emissions and no meaningful plans to manage the energy transition...
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On June 30, the U.S. Supreme Court ruled that the EPA does not have authority, under the Clean Air Act, to set up an emissions...
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Ukraine FAQs
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Report June 2022
Fossil fuel commodity prices are likely to remain volatile with the prospect for further embargos. This is a manifestation of non...
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Stop Fuelling Uncertainty: Why Asia should avoid the LNG trap
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Report April 2022
The risks associated with gas infrastructure investment have never been higher This report continues our series exploring the...
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Today the Supreme Court hears oral arguments in the case of West Virginia v. EPA. The case centers on the EPA’s ability to...
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Poland’s Energy Dilemma: New gas power traps taxpayers in a costly...
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Analyst Note February 2022
Poland is approaching a key point in determining the future direction of its power system and the technologies that it wishes to...
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South Africa Needs Significantly More Money to Help Phase Out Coal
Power & Utilities Blog December 2021We welcome the recent announcement that South Africa has struck a deal to access concessional financing of $8.5bn over the next...
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Chinese coal industry patch-up should not encourage new investment
Power & Utilities Blog November 2021The Chinese government has been sending mixed messages on its long-term climate ambitions once again On the one hand, an...
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Taking Stock of Coal Risks
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Analyst Note November 2021
$110 billion of coal plants owned by listed Asian utilities could become uneconomic as the world takes action to meet climate...
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Put Gas on Standby
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Report October 2021
Unabated gas plants’ future role in the power system should be predominantly limited to backup reserve to allow for flexible...
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Renewables continue to increase their cost competitiveness versus coal, with 27% of the global coal fleet unprofitable today. Do...
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South Korea must take opportunity to end coal power and accelerate...
Power & Utilities Blog May 2021Ending the use of coal for power generation in South Korea by 2028 is not only possible but also the most economical option in...
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End in Sight: How South Korea can force coal offline by 2028
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Analyst Note April 2021
A cost-optimized analysis for a renewables investment schedule for South Korea shows that a more ambitious rollout of renewable...
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Foot Off the Gas: Why Italy should invest in clean energy
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Report March 2021
A Clean Energy Portfolio (CEP) is already more competitive than new combined-cycle gas plants (CCGTs) in Italy. Foot Off the Gas...
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Il rischio di andare a tutto gas: Perché l’Italia dovrebbe investire...
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Report March 2021
Nel presente studio analizziamo l’attuabilità finanziaria di nuove centrali a gas in Italia, confrontandone il costo con...
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Foot off the Gas: Why the UK should invest in clean energy
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Report February 2021
Betting on new gas today means shouldering consumers with higher prices tomorrow as well as missing the net zero pathway the UK...
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COP26: A chance to reset and eliminate obstacles – coal in sights
Power & Utilities Blog January 20212021 is a year of opportunity; one of resetting, reshaping and a chance to remove distortions that hinder an orderly energy...
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Carbon Tracker's Christmas Cracker had a makeover in 2020. This infographic originally went out in our December newsletter,...
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Vistra takes an important step in the clean energy transition, but still...
Power & Utilities Blog October 2020The Texas-based company Vistra recently announced that they will close six coal power plants and cut their coal generating...
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Measuring and managing energy transition risk in the Philippines
Power & Utilities Blog September 2020As part of a UK government-funded project to support the Philippines power sector stakeholders navigate the shifts, risks and...
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Click here to view Carbon Tracker's Annual Review 2019 In 2019 our objective was to accelerate the energy transition by...
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Although coal has long been viewed as the cheapest way to power the global economy, this is no longer the case. New renewable...
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The Earth's temperatures continue to rise causing catastrophic climate change. The risks of climate change are having major...
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The sudden economic downturn brought on by the Coronavirus threatens to cripple the finances of U.S state governments. The...
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Whack-A-Mole: Will South Korea’s coal power transition be undermined by...
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Report April 2020
South Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60 billion in stranded...
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Building and operating coal power is becoming a political decision that increasingly conflicts with underlying economic...
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COVID-19 is crippling economies and creating turmoil in financial markets. This note gives our outlook for coal generation in...
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Here’s why China’s post-COVID-19 stimulus must reject costly coal...
Power & Utilities Blog March 2020The piece originally was posted to the World Economic Forum website on March 18, 2020. The impact of China's previous...
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Coal developers risk wasting more than $600 billion because it is already cheaper to generate electricity from new renewables...
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Indonesia to replace one fifth of coal fleet with renewable energy
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Flash Note February 2020
According to Carbon Tracker analysis, Indonesia has 15 coal-fired plants (6.4 GW) aged 20 years and older. The decision to...
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The purpose of this note is to: Address RWE’s response to our recent report Apocoalypse Now, by acknowledging that, per...
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Powering down coal: The economic case for a global coal phase-out is...
Power & Utilities Blog December 2019Coal power is losing its economic footing. As detailed in Figure 1, according to Carbon Tracker analysis, which is based on...
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SSE aligns with Carbon Tracker’s Paris-compliant methodology for coal...
Coal Flash Note December 2019In November, SSE confirmed that its remaining hard coal units at Fiddler’s Ferry power plant in the UK will close by 31...
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Iberdrola aligns with Carbon Tracker’s Paris-compliant methodology for...
Coal Flash Note December 2019Iberdrola announced at the opening of the United Nations Framework Convention on Climate Change (COP25) this week it will...
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The energy complex has EU coal generators in a chokehold. Are policymakers and investors prepared for what comes next? In this...
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Carbon Tracker Annual Review 2018-2019
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Report October 2019
Carbon Tracker's mission is to align investors strategies to climate change action. We recognise that there is...
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Land of the Rising Sun and Offshore Wind
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Report October 2019
The economic viability of new and existing coal in Japan could be severely undermined by cheap renewables and, without policy...
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At Carbon Tracker - our research focus is the impact of climate change on financial markets. Our global coal report, Powering...
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Carbon Tracker, IEEFA and ICSC to help the Philippines with energy...
Power & Utilities Blog August 2019Last week Carbon Tracker’s power & utilities team was in Manila to attend the launch of a UK government-funded project to...
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Making it mainstream – CA100+ power utility profiles
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Analyst Note July 2019
Climate Action 100+ power utility profiles for mainstream investors to align with Paris and manage energy transition...
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Recently Carbon Tracker’s power and utilities team travelled to Vietnam to market our latest analyst note, Here Comes the Sun...
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Vietnam’s low-cost renewables revolution and its implications for coal power investments Key findings: ...
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UK Net Zero 2050 – good intentions, but aren’t we missing something?
Power & Utilities Blog May 2019The UK Climate Change Committee (CCC) has reported on its recommended targets for the UK to reduce its greenhouse gas emissions...
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Arriving into Katowice Poland, host city for COP24, you were immediately struck by the obvious conflict at the heart of the UN...
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This interactive portal and accompanying report track the economic and financial risks of coal power at the asset-level...
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Economic and financial risks of coal power in Indonesia, Vietnam and the...
Coal Report October 2018Examining the stranded asset risk of coal plants in Indonesia, Vietnam and The Philippines These three country briefings...
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Nowhere to hide: Using satellite imagery to estimate the utilisation of...
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Report October 2018
In this report, we present the results from a revolutionary method pioneered by Carbon Tracker to use satellite imagery to...
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The asset economics and financial implications of Energa’s and Enea’s proposed new Ostrołęka coal power plant C In this...
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Market counts down to the MSR The EU carbon market has been the hottest commodity market in the world over the last 16...
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From stressed to unviable: India’s renewables revolution is pushing coal...
Power & Utilities Blog May 2018One year ago we posted here comes the sun – a blog which found the lowest solar bid of 2017 could be less than the cash cost of...
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Earth to investors: Paris Agreement requires one coal unit to close every...
Power & Utilities Blog May 2018Several financial institutions have recently announced they will stop funding new coal power projects, with HSBC being the...
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This study updates our report 2 Degrees of Separation, and for the first time quantifies risk of overinvestment under a 1.75ᵒC...
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Summary The operating costs of coal units are complex and depend on many variables. Coal units are complex, long-life...
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Our analysts Matt Gray and Laurence Watson respond to PPL's recent Climate Assessment Report. Summary Following a...
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Facts still matter: FERC saves US energy consumer $1.4b pa by rejecting...
Coal Analyst Note January 2018Summary The Federal Energy Regulatory Commission (FERC) announced on 8 January that it would reject the Notice of Proposed...
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Summary: Xcel Energy’s 2017 Colorado filing shows the median bid price for wind plus storage was $21/MWh and for solar...
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If you read just one thing this year…… first, it’s December! What took you so long?......second, make it this. Much...
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In this report, we look at how a scenario for the EU28 that is compliant with limiting the rise in global warming to below 2°C...
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Perry’s proposal to reregulate US power markets – $1.4b pa subsidy...
Coal Analyst Note October 2017The Notice of Proposed Rulemaking (NOPR) announced on September 29 will grant coal and nuclear units operating in organised...
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No country for coal gen – Below 2°C and regulatory risk for US coal...
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Report September 2017
Coal’s market share in the US power mix is being diminished at an unprecedented rate due to fierce competition from cheap gas...
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Cost reductions of India’s solar revolution should serve as a warning to coal investors This week solar PV prices in India...
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Blazing Saddles: Coal miners are galloping out of bankruptcy; will...
Power & Utilities Report January 2017Alpha Natural Resources, Peabody Energy Corp., and Arch Coal, Inc.—three of the four largest U.S. coal companies by annual...
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The 12 Days of Carbon Tracker Well…that was different. 2016 has been quite the year of change. A year of political events that...
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Chasing the Dragon? China’s coal overcapacity crisis and what it means...
Power & Utilities Report November 2016China is currently building more coal plants than it needs and in doing so is misallocating capital at an unprecedented...
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Carbon Tracker’s work on the energy transition has already demonstrated the value in challenging traditional energy model...
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Enough Already: Meeting 2°C Powder River Basin Coal Demand Without...
Power & Utilities Report July 2016In January 2016 the US Secretary of the Interior announced a moratorium on new coal leasing on public lands pending completion of...
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China’s 13th Five Year Plan offers no hope for coal markets, further...
Power & Utilities Blog March 2016The recent shift in China’s economy has been one of dramatic speed and scale. The first decade of the 2000s saw China’s...
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Keystone XL was a monumental turning point…and now Obama is taking on...
Power & Utilities Blog January 2016Shelagh Whitley and Mark Fulton President Obama’s rejection of the Keystone XL pipeline last November signalled a landmark...
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Stranded Assets a Response: Myth or Reality? Late last year respected British economist Dieter Helm dismissed the concept of...
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The $2 trillion stranded assets danger zone: How fossil fuel firms risk...
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Report November 2015
The data is clear – the energy transition is underway, and the direction of travel is away from fossil fuels. But not everyone...
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There has been much discussion of fossil fuel subsidies as both an inefficient use of public tax dollars and a barrier to the...
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First appeared in BusinessGreen Global coal is on the ropes. Prices of thermal coal have collapsed as demand evaporates;...
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In this report we analyse the EU’s largest 5 power generators: Électricité de France (EDF), GDF Suez, Enel, E.ON and RWE, who...
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The market for thermal coal is in structural decline in the United States. Squeezed out by an abundance of cheap shale gas and...
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Capex Tracker. A lead indicator of global warming
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Report February 2015
The 2015 Oil Spending Review is in Full Swing With oil prices collapsing to between $50/$60 a barrel (at the...
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This Carbon Tracker report shows how rural communities in Africa and India suffering most from a lack of modern energy can...
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Our research on coal consists of a package of detailed analyses of coal supply, demand and financial trends. The accompanying...
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Carbon Constraints Cast A Shadow Over The Future Of Coal Industry
Power & Utilities Report July 2014This latest piece of research from Standard & Poors’ coal analysts in collaboration with CTI explores for the first time...
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Since the turn of the century, China has almost single-handedly been driving global thermal coal consumption growth. Changes in...
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Following on from Carbon Tracker’s Unburnable Carbon 2013 global analysis, we release this report in collaboration with The...
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Wasted capital and Stranded Assets
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Report April 2013
This new research from Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment at LSE calls...
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This new analysis from the Carbon Tracker Initiative finds that the current coal reserves earmarked for the South African market,...
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Unburnable Carbon: Are the World’s Financial Markets Carrying a...
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Report July 2011
This is the original report which pioneered the concept of the 'Carbon Bubble'. This award-winning analysis by Carbon...
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