Coal
Overview
Global thermal coal prices surged to record levels in 2022, experiencing unprecedented volatility. Prices have since come off as risks associated with Europe’s supply recede. At a global level, coal demand remains robust with security of supply shifting higher up the agenda of many governments in light of geopolitical upheaval.
In Europe, sanctions have shifted the region’s coal import mix away from Russia and towards other suppliers. The pace of coal plant phase-outs in the region is set to increase in the years ahead, with the role of coal in the electricity mix shifting further towards peak-load usage, making forward planning more challenging.
In Asia-Pacific, thermal coal remains a pillar of the power and industrial sectors. Global coal trade flows and price spreads are shifting, with flows from key suppliers Russia, Indonesia, Australia, South Africa, Colombia, and the US penetrating new markets, in response to price dynamics and trade barriers.
Keeping on top of prices and flows, and how coal markets intersect with other energy and commodity benchmarks, will be critical in the coming years.
Latest coal news
Browse the latest market moving news on the global coal industry.
Australia, Turkey urged to commit to coal phase-out
Australia, Turkey urged to commit to coal phase-out
Edinburgh, 5 October (Argus) — Australia and Turkey, the co-presidents of this year's Cop 31 climate summit, should commit to coal phase-out dates and publish national roadmaps to transition away from fossil fuels, climate advocacy group 350.org said. The organisation said Australia and Turkey are among the few industrialised countries without coal phase-out dates, while acknowledging differences in their wealth and historical responsibility for climate change. It also criticised the absence of any reference to fossil fuels in official Cop 31 presidential communications. Australian prime minister Anthony Albanese and Turkish president Recep Tayyip Erdogan should announce long-overdue coal phase-out dates at home, 350.org's head of political strategy said. "Cop 31 and national roadmaps on transitioning away from fossil fuel production and consumption provide an opportunity to rectify this glaring gap," the organisation said. Turkey will host Cop 31 in Antalya on 9-20 November, while Australia will lead the negotiations. Global electrification will be at the centre of Turkey's Cop 31 action agenda, a parallel process to the formal negotiations aimed at accelerating implementation. But some countries and civil society organisations have argued that the effort should focus on clean energy sources. Australia is the world's second-largest coal exporter after Indonesia, while Turkey is the seventh-largest coal importer, according to the IEA. Fossil fuel interests in both countries are standing in the way of the leadership needed to fulfil the goals of the Paris climate agreement and help limit warming to 1.5°C, according to 350.org. Turkey imported more than 28mn t of coking coal, thermal coal and other coal from Australia during 2015-25, the organisation said, citing UN Comtrade and OECD trade data. Australian independent Woodside Energy has also signed an LNG agreement with Turkey's state-controlled oil and gas company Botas for the supply of about 5.8bn m³ of natural gas equivalent for up to nine years from 2030. The Paris Agreement aims to keep the increase in global temperatures well below 2°C above pre-industrial levels while pursuing efforts to limit warming to 1.5°C. Countries at the Cop 28 summit in Dubai in 2023 recognised the need for "deep, rapid and sustained reductions" in greenhouse gas emissions in line with the 1.5°C goal. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Fossil fuels key in SE Asia despite renewables plans
Fossil fuels key in SE Asia despite renewables plans
Rising oil and gas import and subsidy costs may underpin an acceleration towards renewable energy, writes Prethika Nair Singapore, 2 October (Argus) — Southeast Asian countries have rolled out more new renewable energy policies than fossil fuel measures in the wake of the US-Iran war, but the region still remains heavily reliant on oil, gas and coal. Oil and gas prices have surged since the conflict began, leading to higher power costs and greater strain on national budgets that face rising energy subsidy bills. This is especially so in southeast Asia, which receives 60pc of its crude oil imports and a third of its gas imports from the Middle East. Major regional economies — namely Indonesia, Malaysia, Singapore, Thailand, Vietnam and the Philippines — have implemented 37 clean energy policies in the six months since the war began, compared with 29 fossil fuel polices, according to a report by research group Zero Carbon Analytics (ZCA). But because most of the renewable energy policies are long term, the region's energy security still hinges mainly on its short-term fossil fuel measures for immediate relief. Indonesia has sought to diversify its fuel sources , including through Russian crude imports. The Philippines declared a national energy emergency in March, and introduced relief measures such as fuel and energy optimisation. The country plans to establish a state-owned strategic petroleum reserve and has launched a 20bn Philippine peso ($33.2mn) emergency fund to improve fuel security. Vietnam's prime minister in April called for the accelerated development of a national crude oil reserve. State-owned PetroVietnam last month signed an agreement with Russia's state-owned Zarubezhneft to study options for developing one. Governments in the region have continued with upstream development even as they have adopted more energy transition policies, but completing these projects may become more challenging now because of cost inflation. Southeast Asia has $20bn of deepwater development plans for 28 trillion ft³ (840bn m³), or 5bn bl of oil equivalent, of gas through six major projects in Indonesia, Malaysia and Brunei, estimates consultancy Wood Mackenzie. The region also has 106GW of gas power capacity and 70mn t/yr of LNG import capacity in development, according to Global Energy Monitor data, representing $160bn in investment. Fiscal pressures and the case for renewables The region's fossil fuel import bill is expected to rise from $82bn in 2024 to $245bn by 2035 under current policies, according to the Institute for Energy Economics and Financial Analysis (IEEFA). For many countries, this is combined with the burden of fossil fuel subsidies. Indonesia last month pledged to keep its subsidised fuel prices unchanged . But Jakarta's 2026 subsidy programme assumed a crude price of $70/bl, and so is now underfunded, according to IEEFA. Similarly, Thailand's Oil Fuel Fund, through which it manages domestic diesel prices, is in significant deficit because of rising international prices. The economic case for moving away from fuel imports to one-time capital investments for renewables is therefore compelling, IEEFA says. Developing 450GW of wind and solar capacity over the next 10 years would produce about 83 TWh/yr of clean generation, displacing about 17pc of power sector fuel imports. There is 49GW of gas capacity under construction or in pre-construction in Indonesia, Malaysia, Thailand, the Philippines and Vietnam, equivalent to 263 TWh/yr of power, according to ZCA. Installing the equivalent amount of solar power would cost $45.4bn less than producing it from gas, mainly because of the falling costs of solar. Many countries in the region have accelerated solar power development plans. Indonesia has unveiled the most ambitious target, to add 100GW of solar power by around 2030 , and expects the initiative to see annual state subsidy savings of 74 trillion rupiah ($4.2bn) by replacing diesel-powered generation. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EEX to auction 293mn EU ETS 2 permits in 2027
EEX to auction 293mn EU ETS 2 permits in 2027
London, 30 September (Argus) — Host platform European Energy Exchange (EEX) will auction 293mn allowances issued under the new EU emissions trading system covering road transport and housing fuels (ETS 2) in 2027, according to the scheme's calendar published on 30 September. Auctions are scheduled to take place every Monday, Tuesday and Thursday from 13:00 to 15:00 CE(S)T, running 18 January-20 December 2027. EEX will auction about 5.53mn allowances per sale during the first two weeks on 18-28 January. This will fall to around 3.69mn permits per sale in the following two weeks, over 1-11 February. From then onwards, each sale will offer about 1.84mn permits, except for the final auction on 20 December, which will offer 1.95mn allowances. No auctions will be held on 6 and 17 May because of public holidays in Europe. The European Commission plans to update the auction calendar regularly to reflect countries that have not yet transposed EU ETS 2 rules into national law. These countries cannot sell volumes in the early auctions until they have fully transposed the rules, but firms from these countries with obligations under the scheme can still participate in the sales. Only 13 member states have transposed the rules so far, the calendar shows. The EU ETS 2 is now expected to be fully operational in early 2028 , following a one-year delay as part of broader negotiations on revisions to the European Climate Law. Market participants have awaited the calendar as a signal to begin activity in the secondary market, amid concerns over further possible delays. The ETS 2 will impose a carbon price on road transport and housing fuels —including natural gas, LPG, petrol, diesel and coal — as well as on small industrial emitters not covered by the existing ETS. The system will apply upstream to fuel suppliers and aims to cut emissions from the covered sectors by 42pc by 2030 compared with 2005 levels. Companies must surrender their first batch of allowances by 31 May 2029 to cover their 2028 emissions. By Kiara Campagne Nieva Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Electrification key to shift from fossils: Cop 30 head
Electrification key to shift from fossils: Cop 30 head
Edinburgh, 30 September (Argus) — Electrification will be a central element in the global roadmap to transition away from fossil fuels, which should be published on 3 November, UN Cop 30 climate summit president Andre Correa do Lago said during a ministerial meeting last week. Correa do Lago had pledged last year during the Cop 30 talks in Belem, Brazil to deliver a roadmap on the transition away from fossil fuel in a just and equitable manner after the summit ended without an agreement on the topic . "Electrification is absolutely central in the roadmap and we are happy to see that it is going to be widely discussed," he said. He was referring to the Cop 31 Turkish presidency's push for a global goal for electricity to reach 35pc of global final energy consumption by 2035 , up from around 20pc at present. The roadmap commitment is part of the implementation of the decision taken at Cop 28 in 2023, Correa do Lago told the electrification ministerial. The outcome from Cop 28, in Dubai, included a landmark consensus. Countries agreed to transition away "from fossil fuels in energy systems", as well as treble renewable energy and double energy efficiency rates by 2030, and to accelerate efforts towards the phase-down of unabated coal power". The Cop 30 presidency called for proposals from countries and civil society organisations on the roadmap at the end of February. The roadmap should conclude with recommendations on the shift away from fossil fuels, after setting out some potential risks and looking at supply and demand. The Brazilian government is also working on its own roadmap to phase out fossil fuels. Brazilian president Luiz Inacio Lula da Silva last week told the UN general assembly that the country "will move forward with a roadmap for decarbonisation of the Brazilian economy". Lula, who is running for another term in the presidential elections taking place next month, has pledged to expand investments in upstream oil and gas , refining and LNG logistics, while maintaining natural gas and biomethane as key transition fuels to support industrial development and power system reliability. Energy research firm Epe expects Brazil to produce 4.9mn b/d of crude by 2030, up from current production estimated at nearly 4.5mn b/d, according to data from hydrocarbons regulator ANP. The Brazilian government has previously said that developed countries should take the lead when it comes to "the definition of schedules for transitioning away from fossil fuels". By Caroline Varin and Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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