Worsening global fuel shortage. Asia’s coal benchmark hits record highs, threatening to raise power bills and exacerbate inflation. Last Friday, the price of coal rose 3.4% to a record high of $402.50 per ton. Coal shipments to Europe sold at $421 per ton, a record high for the region. Supplies to Asia traded at over […]
The search for burning fuels drives up coal prices Read More »
Despite drastic measures to boost coal production, China could face further power shortages this summer. This is because most of the new supply is of lower quality and burns faster in power plants. China, the world’s largest coal consumer, gets 60% of its electricity from coal. Last year, a drop in domestic coal production triggered
China faces energy risks – price controls come at a price Read More »
European countries are looking for alternatives to Russian coal. Coal imports from South Africa’s main export center rose by 40% in the first five months of this year, more than in 2021. South Africa’s Richards Bay Coal Terminal (RBCT) shipped 3,240,752 metric tons of coal to European countries by the end of May this year,
Europe imports more coal from South Africa due to the ban on Russian coal Read More »
The Chinese Ministry of Finance has announced that China will temporarily reduce import tariffs on all types of coal to 0%. The measure will be in effect from May 1, 2022, to March 31, 2023, and is intended to increase energy security in the country amid rising global coal prices and supply chain concerns. China
China Cuts Coal Import Tariffs to 0% Read More »
Federal Reserve (Fed) Chairman Jerome Powell reiterated the Fed’s position on interest rates in his speech at an IMF-sponsored seminar Thursday (April 21, 2022). The Fed sees inflation running away and wants to use its tools to stop it. “Getting inflation back to the 2% goal,” adding, “Inflation is really a global problem [but the U.S. has
Why the Fed Rate Hike May Not Stop Inflation Read More »
Fossil fuels such as coal, gas, or oil are increasingly being cast in a bad light, precisely because of their high carbon emissions. Some countries have already taken steps to reduce CO2 emissions by expanding solar, hydro, wind, or even nuclear power. However, gas and coal are still the main sources of electricity in our
Fossil Fuels Remain the World’s Largest Sources of Electricity Read More »
Oil Crude oil prices have been volatile this year, which is probably also due to speculation, as the price moves with almost any news related to Ukraine or Russia. However, the trend in oil prices remains upward, even though the price of WTI crude fell 3.6% this week to close at $97.90 per barrel. The
Energy Week Review Read More »
The EU has voted by a majority in favor of the fifth round of sanctions against Russia. According to the EU press release, the new sanctions package includes: — ” a prohibition to purchase, import or transfer coal and other solid fossil fuels into the EU if they originate in Russia or are exported from Russia, as
EU Votes for Fifth Round of Sanctions – Bans Coal Imports from Russia Read More »
Coal prices have risen again in the last seven days after Russian energy products, including coal, are again openly discussed. The EU Commission has come out in favor of tightening sanctions against Russia, which means a ban on energy products from Russia. It should be clear to most economists and politicians that this is not
Coal Prices Rise 13% After EU Pushes for Embargo Read More »
Coal mining and the generation of energy from coal are being pushed back further and further in the Western world, especially in the United States and the EU. This is mainly due to the high CO2 emissions caused by energy generation from coal. In Asia, the issue of CO2 emissions is also being addressed, but
Asia’s Largest Open-Pit Mines Outside China Are Mainly Coal Mines Read More »