Germany agrees timeline, compensation for coal phase-out Germany will pay utility companies billions to speed up the shutdown of their coal-fired power plantsA man casts his shadow in the coal port of the Mehrum coal-fired power plant in the district of Peine in Hohenhameln, Germany, Wednesday, Jan. 15, 2020. ( Julian Stratenschulte/dpa via AP)A man casts his shadow in the coal port of the Mehrum coal-fired power plant in the district of Peine in Hohenhameln, Germany, Wednesday, Jan. 15, 2020. Germany wants to gradually phase out the climate-damaging combustion of coal for electricity generation by 2038. Shares in German utility companies E.ON and RWE, which both stand to receive significant compensation for shutting down their coal plants, were up over 2% on the Frankfurt exchange Thursday. The government has set a target of generating 65% of Germany's electricity from renewable sources by 2030.

Source: ABC News January 16, 2020 07:30 UTC