In the US, natural gas is extremely cheap, far cheaper than in the EU, and it will remain that way as long as we are still extracting oil via fracking.

Replacing existing coal with natural gas is better, cheaper, etc. etc. and it's just downright "dumb" to build coal as explained in a parallel comment that links to youtube.

But even new natural gas is likely to end up as stranded capital. Solar and wind are cheaper already, and backing that with storage, today, is nipping at the cost of most new natural gas plants. And in 3, 5, 10 years? Price trends are going to make even the cheap cost of natural gas as a fuel more expensive than using solar and storage.

I'd be very surprised if 90% of the expense of coal was tax, as that would make taxes 9x higher than fuel. Not surprised because it wouldn't make scientific sense, the negative externalities of coal are massive and any hard-nosed free marketer should be advocating for putting a price on those negative externalities, but surprised because the politics of Europe allow that!

Also, if taxes on coal or >9x the cost of the fuel, wouldn't that start to make natural gas much more cost effective too, even in Europe? Or does natural gas have similar taxes?