Coal-fired power is losing some of its heat around the world. Global power generation from coal fell 1.2% during the first half of 2022, the WSJ’s Sha Hua reports, as an economic slowdown in China and a surge in coal prices around the world crimped demand. The report from S&P Global Commodity Insights says power generation from renewable sources increased 17% year-over-year in the first half, one sign of the upheaval in global energy markets. China’s sputtering consumption this year has contributed to weakness in the bulk shipping sector. Europe has increased coal use since Russia’s invasion of Ukraine. And coal transports in the U.S. are up this year, including a 5.2% increase in coal carloads hauled by U.S. railroads in August, according to the Association of American Railroads. But in the longer run, sustained high prices for coal appear to be accelerating a global shift to cleaner energy.
- Australia’s earnings from coal exports tumbled 17% last month and iron ore exports fell almost 15%. (Bloomberg)