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Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
 This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover solar, wind, oil & gas, coal, nuclear, and geothermal (so far) and will answer the same four questions for each.
1. How big is the US coal industry, and what is its growth trajectory?
US coal employment peaked in the 1920s and the whole sector (mining, transport, and power plants) currently supports about 174,000 jobs. In 2018, US mines produced about 756 million short tons of coal, the majority of which (544 million short tons) was burned in coal-fired power plants to generate 966 billion kWh of electricity, about 24% of all electricity generated in the US.
However, coal has largely fallen out of favor for electricity production as price declines in natural gas and, to a lesser extent, renewables have made it harder for coal plants to make money in electricity markets. The average US coal plant is now over 40 years old, and there is not a single commercial coal plant under construction in the country. Some scenarios have coal generation remaining flat for the next couple of decades, but most market fundamentals and societal goals indicate further declines.
In the past decade, over 500 coal-fired power units have been retired, or announced their retirement. Further, it is estimated that over 85% of existing coal plants will be uneconomic compared to local renewables by 2025. These dire conditions have many states with regulated electricity markets scrambling to either financially support uneconomic coal plants or provide securitization strategies to allow them to retire early while still making good on their debts. As demand for coal has declined, almost a dozen coal mining companies have filed for bankruptcy in the past 5 years.
On the other hand, US coal exports have been trending upwards as the world economy continues its decade long recovery and demand for energy and goods continues to increase.
Over half of US coal exports are for making steel (metallurgical/coking coal) and the rest for electricity (steam/thermal coal). Major destinations for US coal exports are India (15%), The Netherlands (11%), and Japan (9%), among others. Some countries, largely led by China, are continuing to build coal plants, which could increase demand for US coal exports. Although, some western states have sought to block coal export terminals, forcing some US exports to depart through Canada.
2. Which US states lead in coal?
While Appalachia is home to the vast majority of individual coal mines, the relatively few number of mines in the western Powder River Basin (PRB) produce many more tons of coal annually. Of the 43% of US coal that comes from the PRB, 93% of that (40% of US total) comes from the state of Wyoming. West Virginia produced the second highest amount of US coal, almost 13% of total US production.
Although Texas only produces the poorest quality coal, lignite, it nonetheless consumes more coal than any other state, almost by a factor of two, even though its usage is down almost 20% (2018 vs. 2017). North Dakota consumes the most amount of coal for uses other than power generation.
3. What are the biggest challenges faced by the coal sector today?
By far the biggest realized challenge facing the US coal sector is economic pressure from low cost natural gas, and to a lessor, though growing, extent, renewables. The hydraulic fracturing boom has vastly increased the supply of natural gas, making it stubbornly cheap and the new firm fuel of choice in power generation. A recent study found that low cost natural gas prices was responsible for 85-90% of wholesale electricity price declines in some markets.
Also, the US is generally not building big power plants (of any type) anymore. Coal (and current generation nuclear) plants are generally built as large units to produce cheaper electricity. However, other technologies, such as gas and renewables, can be built in smaller sizes, for cheaper, and thus incur less capital risk, making them easier to finance. The US Department of Energy has made a push for small modular coal plants, but there doesn’t appear to be much traction as of yet.
The biggest existential threat faced by the US coal sector is by far climate change. Of the major fuels used to generate electricity in the US, coal produces the most carbon emissions. But technical and political times are changing. About 45% (and growing) of all electricity (by at least 2050) in the US has been pledged to be carbon-free and one of the easiest ways to start to make good on such promises is to shutter coal plants.
Coal’s future (at least for power production) appears to be burning out. Other technologies, such as gas and renewables, are beating coal on price, flexibility, and finance-ability. Absent significant improvements in carbon capture and sequestration technology, most developed markets, but not all, are likely to continue shuttering their coal fleets over the next couple of decades. However, the world is going to continue to need steel in the short and long-term, and while electric arc furnace metals recycling and new smelting technologies might help reduce the need for metallurgical coal and its associated emissions, the vast majority of steel is still currently made using coal.
Source: Forbes
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Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
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- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- The University of Queensland
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
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