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EU Seen Curbing Coal Use by Quadrupling Carbon Price

Europe could coax utilities to shift from burning coal to cleaner natural gas by quadrupling the price that financial markets place on carbon dioxide emissions, the head of Spain’s biggest power generator said.

Ignacio Galan, chairman and chief executive officer of Iberdrola SA, said European Union leaders should take steps to boost prices in the EU Emissions Trading System in addition to setting a target to reduce pollution by 40 percent by 2030.