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Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
 The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a year earlier. European natural gas and South African coal prices reached all-time highs in March and April, while U.S. natural gas prices reached their highest level since 2008. The surge in prices partly reflects the impact of the Russian invasion of Ukraine; in 2020, Russia accounted for one-quarter of global exports of natural gas and just under one-fifth of coal exports. Beyond the impact of the war, demand for natural gas and coal has been robust, rising by about 5 and 6 percent, respectively, in 2021 amid a strong post-pandemic recovery, with both reaching record highs.
The war in Ukraine is disrupting trade in energy. Europe relies heavily on Russia for imports of natural gas and coal. In response to the war, the European Union imposed a ban on imports of Russian coal starting in August 2022 and has pledged to reduce imports of Russian gas by two-thirds by the end of the year. While some of Russia’s coal can be redirected to other countries, this will be costly as coal is bulky and expensive to transport. Redirection of natural gas is even more limited due to a lack of transportation infrastructure — 70% of Russia’s exports to Europe are by pipeline.
EU turns to alternative LNG suppliers. The EU has sharply increased its imports of liquefied natural gas (LNG) to rebuild depleted inventories and diversify its suppliers. Inventories have risen rapidly in the last few months, although they remain slightly below the five-year average. In addition, EU countries are investing in additional infrastructure to facilitate LNG trade, such as new terminals, and the EU has also announced plans to sharply increase renewable energy capacity. Energy policies in Europe, however, have large spillover effects on other countries. For example, the sharp increase in EU imports of LNG has forced other countries that rely on LNG, notably emerging markets in Asia, to turn to coal.
Amid high prices, U.S. exports of LNG soar. The United States exported 11.5 billion cubic meters per day in the first half of 2022, a record high and equal to 12% of its domestic production. U.S exports to the EU and the United Kingdom have more than tripled compared to last year, such that Europe accounted for about three-quarters of U.S. LNG exports in the first half of 2022. The increase in U.S. LNG exports reflects the high spot prices of European natural gas compared to both the U.S. and Asia prices. U.S. LNG exports have recently declined, however, due to an explosion at a major LNG terminal. This disruption to supplies is expected to last until October.
Coal production rises amid high prices and shortages. Although global coal production increased by nearly 6% in 2021, coal shortages in China and India led to policies aimed at increasing domestic production. Because the coal (and natural gas) shortages have persisted, additional policy measures were introduced earlier this year. India, for example, announced plans to reopen 100 coal mines that had previously been considered uneconomic.
Risks to the natural gas and coal outlook. After a projected sharp increase in 2022, natural gas and coal prices are expected to moderately decline in 2023, although they will remain much higher than their five-year average. The duration of the Russia-Ukraine conflict and the extent of its disruption to trade in coal and natural gas are the biggest uncertainties facing the outlook for the market. A sharp reduction in Russia’s exports to the EU, for example, could cause prices to spike, particularly if it occurred during the winter period when demand is high. Exports of natural gas from Russia to Europe have already fallen due to maintenance and other technical issues with the Nord Stream 1 pipeline. Prices also remain vulnerable to weather-related conditions and import policies that can affect trade patterns and push up costs. This is particularly the case given the very limited global spare production capacity for natural gas.
By Peter Nagle & Kaltrina Temaj
World Bank
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Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
Tuesday, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
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- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
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