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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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- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
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