Nice find, i went to search for it and below is the full article:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aLiOADOrhlbY Mitsubishi Heavy in Queensland Talks; Shares Rise (Update2)
June 12 (Bloomberg) -- Mitsubishi Heavy Industries Ltd., Japan’s largest heavy-machinery maker, said it’s in talks with Australia’s Queensland state government to build a cleaner- burning, next-generation coal-fired power plant. The shares rose.
The capacity of the project, which has received approval from the Queensland government, may be as large as 500 megawatts, Mitsubishi Heavy spokesman Hideo Ikuno said by telephone in Tokyo today. Ikuno declined to comment on a Nikkei newspaper report the contract is worth about 200 billion yen ($2 billion).
Global utilities are accelerating efforts to develop and commercialize a low-emission coal-fired generator to meet carbon-reduction goals as more than 40 percent of the world’s electricity is produced from the fuel. Mitsubishi Heavy’s so- called Integrated Coal Gasification Combined-Cycle, or IGCC, is used at an experimental plant in northern Japan.
Mitsubishi Heavy gained as much as 8.2 percent to 423 yen in Tokyo, the most since Nov. 5, and was at 413 yen at 2:04 p.m. local time. The Nikkei 225 Stock Average rose 1.8 percent.
The Japanese machinery maker and Mitsubishi Corp. will consider jointly taking a minority stake in the operator of the proposed project in Queensland, the Nikkei said. Mitsubishi Heavy’s Ikuno declined to comment.
World coal consumption grew faster than oil, natural gas and electricity demand for a sixth year in 2008, according to the BP annual Statistical Review of World Energy.
Coal emits more carbon dioxide than oil when it’s burned and about twice as much as natural gas. The IGCC gives out 15 percent less carbon dioxide than the latest coal-fired generators, according to Mitsubishi Heavy.
ZeroGen Pty Ltd., owned by the Queensland government, is moving ahead with its cleaner-burning coal project dubbed the “ZeroGen,” aimed at integrating coal gasification with carbon capture and storage to produce low-emission electricity.
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To clear things up before it escalates to a rumour. It does not seems like the deal was with CNX but with ZeroGen. Anyone can confirm? First time i heard of it? Competition? Hmmm hmmm
Here is the link to tell you more about the company:
