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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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Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Marubeni Corporation - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
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