World's largest coal company closes 37 mines

The world's largest solar farm in Tamil Nadu, India (source)

EcoWatch

The rapid growth in renewable energy continues to put a dent in the demand for coal. 

Coal India, the world's biggest coal mining company and producer of 82 percent of the country's coal, announced the closure of 37 mines that are financially "unviable." 

The sites make up roughly nine percent of the total mines operated by Coal India. The company is expected save Rs 800 crore ($124 million) from the closures.  

India's energy market is undergoing a rapid transformation as it moves away from fossil fuels. Last month, the country cancelled plans to build nearly 14 gigawatts of coal-fired power stations.  [Read more here]

This is because solar in India is now cheaper than coal.  Its costs have nearly halved in 18 months.

The lowest solar power tariff in India currently stands at Rs 2.44/kWh (US$39/MWh) which is cheaper than 92% of the operational coal-based power plants in the country [Read more here]

Meanwhile, in Australia, renewables have got so cheap that the government proposes to subsidise new coal generators.  You couldn't make this stuff up.