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Coal seen as option for European energy security

The ongoing standoff in Ukraine could create an unexpected beneficiary, according to analysis in Oilprice.com: The European coal industry.

Steam bucket-wheel excavator extracts coal from the brown coal open cast mine Garzweiler in Immerath, western Germany.
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Steam bucket-wheel excavator extracts coal from the brown coal open cast mine Garzweiler in Immerath, western Germany.

The energy news publication reported that the crisis, which has pitted Moscow and Russian-speaking Ukrainians against the Ukraine government and its Western allies, has governments in Europe beginning to voice support for domestic coal as a way to cut European dependence on Russian natural gas. About a 40 percent of the European Union's natural gas comes from Russia, and a fifth of its oil.

Poland has been particularly vocal in its support for European coal. Along with Germany, it's a major coal producer.

Europe has made great strides in recent years in bringing more renewable fuels online as power sources—renewable sources generate a quarter of Germany's electricity—but it could take backseat to coal in some parts of Europe, Oilprice.com said.

For the full report in Oilprice,com, click here.

—By CNBC.com staff

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