U.K. Coal Rail Shipments Plunge as Carbon Tax Damps Power Profit
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U.K. coal shipments by rail to power stations fell to the lowest in at least two years after the government almost doubled a tax on the fuel.
Transport of coal to electricity plants from mines and import terminals fell 66 percent in the four weeks ending April 26, compared with a year earlier, according to Network Rail, the U.K. rail operator. The profitability of coal-fed plants plunged 60 percent this year, data compiled by Bloomberg show.