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