Coal mining company Mibrag posts loss 2016
German coal mining company Mibrag posted a 43.7 million euro loss in 2016, Mitteldeutsche Zeitung reports. Mibrag, one of Germany’s four remaining lignite-mining companies, was suffering from Germany’s transition from fossil energy sources to renewables (the Energiewende) and falling wholesale power prices, a company statement says. 2017 would see a positive result again, the press release said. Mitteldeutsche Zeitung ascribed the 2016 loss to the shut-down of the Buschhaus power station, one of eight coal plants retired in Germany to reduce CO2 emissions. However, Mibrag will receive compensation payments for the plant in the years to come, the paper says.
Read the newspaper article in German here.