(Reuters) – Czech energy company CEZ said on Friday that it had found alternative insurance for its coal-fired power plants after two suppliers said they would stop covering them from next year as part of an industry operation to release climate-damaging business .  The insurers Generali Ceska Pojistovna and Ceska Kooperativa from the VIG group have reached an agreement with CEZ to terminate the facility's coverage, the companies say. statement and added that it aimed to quickly cool down its portfolio.
CEZ did not provide details on its alternative solution.
"The trend is clear; this is by mutual agreement," a CEZ spokesman said.
"We have already set up a new system to insure our coal plants from next year. We will secure these obsolete sources until they are definitively taken out of service."
CEZ presented a strategic outlook last month and planned to close most of its coal capacity by 2030 and reduce the proportion of coal in its production mix to 1
Coal has been in retreat in Europe and the US as countries promise to reduce their carbon emissions.
On Sunday, the group of seven nations promised to rapidly scale technologies and policies that accelerate the transition from coal, including ending new state aid for coal power by the end of this year.