On average, it cost €110/MWh to generate electricity from Polish hard coal in 2025, of which 63% is the cost of CO₂ allowances

Hard coal short-run marginal cost by component (EUR/MWh)
Source: PSCMI-1 (ARP/TGE), EU ETS (EEX primary auctions via Instrat), Modo Energy
Note: SRMC calculated using Polish hard coal fleet average efficiency of 36% and IPCC emission factor of 0.341 tCO₂/MWhth. Fuel cost derived from annual average PSCMI-1 index (PLN/GJ), converted to EUR at NBP annual average exchange rates. CO₂ cost uses the full EU ETS auction price (does not account for any free allowances under the Modernisation Fund). Variable O&M assumed at €4/MWh. PSCMI-1 is an ex-mine price excluding transport.
MODOENERGY