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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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Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
Wednesday, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
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- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
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