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Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
 Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten images of gasoline queues in the 1970s, but increasingly describes the spike in global fossil fuel prices. A handful of commenters eagerly lay the blame on renewable energy, which they claim has distracted the world’s attention from investments in oil, gas, and coal production that could have calmed markets.
But a sober analysis suggests that today’s energy price crunch has nothing to do with renewables. After all, price spikes aren’t unique to energy. Computer chips, lumber, copper, and iron ore are among the many commodities and products that have seen global price spikes and shortages this year. As the COVID-19 pandemic raged and then eased—alternately slamming the brakes and flooring the accelerator of the global economy—volatility became the rule rather than the exception.
A close look at the surge in global coal prices is instructive. Prices for some low-grade thermal coals have quadrupled on international markets since last year’s lows. COVID-induced volatility bears much of the blame. But price spike also has its roots in the world’s largest coal market, China, which produces (and consumes) half the world’s coal and meets 60 percent of its energy needs from the mineral.
Over the past year, China has experienced domestic coal shortfalls and shrinking stockpiles that forced the country to boost its imports. Given the country’s outsized appetite for coal, even a modest boost in imports quickly sent seaborne coal prices skyrocketing. The recipe for China’s coal shortages had at least five key ingredients, none related to the country’s renewables policies:
A mine safety crackdown. The Chinese coal mining sector has been a risky business. The state-run Xinhua News Agency reported that 225 coal miners died in China during 2020 in 122 accidents. But in the wake of a cluster of fatalities, federal authorities launched a major safety inspection effort in November 2020. The heightened scrutiny was blamed for a slowdown in production that began in April, a month after China boosted penalties for mine accidents. The prospect of jail time made mining executives reluctant to boost output even as supplies tightened.
Curbs on overproduction. China’s coal mining sector had struggled over much of the past decade with overcapacity that flooded markets with cheap coal—making it hard for many firms to find profits. Last November, just as China’s government was cracking down on coal mine safety, it also stepped up inspections for quota violations—once again making it risky for mining companies to boost supplies.
An anti-corruption campaign in Inner Mongolia. One of China’s most sparsely populated provinces, Inner Mongolia produces roughly one-quarter of the nation’s coal. President Xi Jinping announced in March that the government would investigate coal industry corruption in the region in a campaign that would “never end.” (The campaign focused, in part, on companies producing more coal than their quotas.) Top officials in the regional government have been sent to jail for more than a decade, with one given a suspended death sentence. In early 2021, the government was investigating almost 700 corruption cases involving about 1,000 people. The campaign, which was expanded across the country, also encouraged coal mining firms to curb their production to avoid becoming entangled in an investigation.
A halt to Australian coal imports. Tensions between Australia and its largest trading partner heated up last year, largely due to China’s territorial claims in the Pacific Ocean and the Australian government’s call for a “weapons inspector”-type investigation of the origins of the COVID-19 virus. China responded by blocking Australian coal imports in November 2020. The squabble led Beijing to seek out other markets for coal imports from Indonesia, Russia, the United States and South Africa. The shift contributed to a tripling in the price of lower-grade Indonesia coal over the summer.
Weather: Too cold, too hot, and too wet. An unusually cold 2020-21 winter in North Asia prompted blackouts in some regions. At least nine grid systems in northern provinces recorded record demand in early January. Summer heat waves continued to pressure the coal supply. Now winter approaches, and major power plants reported having about a 10-day stockpile of coal, roughly half of last year’s total. The country, desperate to boost coal consumption, faces a new weather-related obstacle: Record-breaking floods have shut down 60 mines in Shanxi province, a region that produces 30 percent of China’s coal.
These factors, together with COVID, helped precipitate a domestic coal crunch in China that quickly spread around the planet. Those who would blame the growth of renewables for China’s coal shortages are grasping at straws. If anything, ramping up investments in renewables would ease the country’s reliance on volatile, unpredictable fossil fuel supplies.
As for China, so for the world. Until the planet completes its transition to a renewable energy-based economy, supply and demand shocks—such as the ones currently traveling around the globe—will be a fact of life.
By Clark Williams-Derry
Energy Policy Analyst
IEEFA
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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
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