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Blog - Latest News
inefficient coal plants

Inefficient Coal Plants Out, Lithium-Ion In

December 4, 2018/in In the News/by Ullrich Schade

Phasing Out Inefficient Coal Plants – Bringing On Lithium Battery Power

A recent study has found that renewable energy plants are more cost-effective than fossil fuel plants. Furthermore, it states that wind and solar farms are cheaper to run than inefficient coal plants.

It goes on to state that 42% of the world’s coal plants are running at a loss. Moreover, 72% of global coal capacity will be unprofitable by 2040.

READ: IPCC Climate Report and Lithium

Meanwhile, experts say China could save nearly $400 billion USD by closing plants. Meanwhile, the EU could save $89 billion, the US $78 billion and Russia $20 billion. The focus has shifted from investing in new coal plants to phasing them out in ways that minimize losses.

inefficient coal plants

The Financial Benefits of Clean Energy

As it stands, governments of the UK, Canada, France, and Mexico have coal phase-out deadlines. Meanwhile, Australia, Germany, Poland, Russia, China, and others are nowhere close.

There are 2 primary reasons for this. First, the coal industry is a major employer in these countries. Second, the coal markets are protected from competition.

If policymakers don’t abandon coal, their economic competitiveness will suffer. Furthermore, coal plants will need to be subsidized in tandem with hiked electricity prices.

Clearly, clean energy is in the taxpayer’s long-term best interest.

Bye-Bye Dirty Energy

inefficient coal plantsInefficient coal plants are just one example of where clean energy solutions benefit both environment and wallet. However, the costs associated with phasing out these plants are enormous. The transition will be costly and difficult to navigate.

Meanwhile, sustainable energy solutions like electric vehicles are steadily growing in popularity. Additionally, wind and solar farms are more efficient than ever.

Underlying this movement is the lithium-ion battery. They power everything from plug-in vehicles to Smartphones to grid storage systems that power cities.

As a result, demand for lithium has increased. Today, a global lithium shortage threatens further clean energy adoption. Consequently, lithium has replaced oil as the world’s most sought-after energy source.

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Ultra Lithium Inc. A team of clean energy experts with a finger on the pulse of mining news, ULI is a lithium exploration company with holdings in Argentina, Canada and the US (TSX-V: ULI, OTCQB: ULTXF and Frankfurt: QFB).

 

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LATEST NEWS

  • Ultra Lithium Cuts 1.81 Percent Lithium Oxide Over 10 Meters in Channel Samples at the Forgan Lake Lithium Property Northwestern OntarioMarch 3, 2023 - 10:16 am
  • Ultra Lithium Invites Shareholders and Investment Community to Visit Booth #2353 at PDAC 2023 Toronto, March 5-8, 2023March 2, 2023 - 6:00 am
  • Ultra Lithium Assays Up To 417 PPM Lithium in Drill Hole at the Laguna Verde Brine Lithium Project in ArgentinaFebruary 28, 2023 - 4:30 am
  • Ultra Lithium Intersects 2.68 Percent Lithium Oxide at The Forgan Lake Lithium Property in Northern Ontario, CanadaFebruary 8, 2023 - 5:00 am
  • Ultra Lithium Responds to Government of Canada Critical Minerals AnnouncementNovember 4, 2022 - 4:30 am

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Ultra Resources Inc.
1120 – 789 West Pender St.
Vancouver BC V6C 1H2
Canada

Kiki Smith, CPA, CGA
Chief Financial Officer
E: [email address protected by javascript]
T: +1-778-968-1176

Afzaal Pirzada, M.Sc.(Geo), P.Geo.
Vice President, Exploration
E: [email address protected by javascript]
T: +1-778-558-4940

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