石炭
概要
欧州では、制裁措置により石炭の輸入先がロシアから他の供給国にシフトしています。電力ミックスにおける石炭の役割はピーク負荷用へとさらにシフトしており、今後のプランニングはより困難になっています。
アジア太平洋地域では、一般炭が電力・産業部門の柱であり続けています。世界の石炭貿易のフローと価格スプレッドは変化しており、主要供給国であるロシア、インドネシア、オーストラリア、南アフリカ、コロンビア、米国からのフローは、価格ダイナミクスと貿易障壁に対応して新しい市場に浸透しつつあります。
価格と市場動向を常に注視し、石炭市場が他のエネルギーやコモディティのベンチマークとどのように交差しているかを把握することが、今後数年間はより一層重要になってきます。
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Kazakhstan approves $15.5bn national coal power plan
Kazakhstan approves $15.5bn national coal power plan
London, 24 March (Argus) — Kazakhstan has approved plans to increase its coal-fired power generation through projects estimated at around 7.5 trillion tenge ($15.5bn) through to 2030, President Kassym-Jomart Tokayev said. Tokayev approved the plans after assigning coal-fired power generation a national project in January. These include the commissioning and renewal of coal-fired units to add 7.8GW of capacity. The country also plans to build eight new thermal coal-fired power plants, including its largest 2.64GW facility in Ekibastuz. Thermal power plants would also be built in Kurchatov (700MW) and Zhezkazgan (500MW), as well as in the Kokshetau, Semey and Ust-Kamenogorsk regions. Older thermal coal-fired power plants, such as the 1GW Ekibastuz-2 and 2.5GW Aksu power plants, and the Karaganda-1 power station, will be modernised to reduce energy shortages. Kazakhstan expects the projects to create additional thermal coal demand of about 20mn t/yr by 2030. The project is expected to be a collaboration between the mining and transportation sectors. The project will also expand the fleet of gondola rail cars by 600 units/d, modernise railway infrastructure and introduce tariff corridors for the transportation of fuel for domestic needs. Kazakhstan had initially drafted the plan to increase its coal-fired power generation in early February. The country will likely need to rapidly increase coal production. Output fell by 6.2pc on the year to 18.22mn t in January-February, official data show. The country produced 115.9mn t of thermal coal in 2025, about 6.5pc higher on the year on growing domestic consumption and rising export potential. By Shreyashi Sanyal Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan's Kyushu to restart Sendai No.2 nuclear reactor
Japan's Kyushu to restart Sendai No.2 nuclear reactor
Osaka, 24 March (Argus) — Japanese utility Kyushu Electric Power is planning to restart the 890MW Sendai No.2 nuclear reactor on 30 March, to conduct test generation in the final phase of its turnaround. Kyushu is set to reactivate the No.2 reactor at Sendai in southern Japan's Kagoshima prefecture on 28 March and reconnect it to the power grid on 30 March. Normal operations are scheduled to begin on 28 April. Kyushu will have all four of its reactors in operation, given the return of the Sendai No.2 reactor. This is until the planned shutdown of the 1,180MW Genkai No.3 reactor on 30 June for regular maintenance. The combined nuclear capacity of 4,140MW will help Kyushu reduce its reliance on thermal generation, especially at a time when spot LNG prices are surging because of supply disruptions from the Middle East. Seasonally weak electricity demand and relatively ample solar output during the spring shoulder season will also enable Kyushu to cut thermal generation. The nuclear capacity could reduce LNG consumption by about 390,000 t/month, assuming an average gas-fired generation efficiency of 50pc. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India orders Tata Power to restart 4GW Mundra plant
India orders Tata Power to restart 4GW Mundra plant
Singapore, 23 March (Argus) — India has directed private-sector utility Tata Power to restart its 4GW imported coal-fired Mundra power plant in Gujarat and operate all units to meet an expected rise in electricity demand in the peak summer months. The power ministry issued the order under section 11 of the Electricity Act to Coastal Gujarat Power (CGPL), the Tata Power subsidiary that operates the plant, a senior government official told Argus . Section 11 empowers the government to instruct imported coal-fired plants to maximise output to meet power demand. Tata Power did not respond to a request for comment. The directive comes as India braces for a strong heatwave that could support electricity consumption. It also follows a sharp rise in international coal prices, freight and delivered costs in recent weeks due to conflict in the Middle East. The government was considering invoking section 11 ahead of the summer, Argus reported on 5 March. A previous section 11 order remained in effect for over three years before expiring on 30 June 2025. The Mundra plant subsequently remained offline following a prolonged maintenance shutdown last year. India's Central Electricity Authority — the power ministry's technical arm — has projected potential shortages of 10-12GW at peak summer demand under one peak demand scenario. The India Meteorological Department expects a hotter than normal summer — despite unseasonal rains in parts of the country —which could boost air-conditioning use and overall power consumption. The latest directive covers only the Mundra plant, but India has more than 18.7GW of imported coal-fired capacity — roughly 9pc of coal-based capacity and 4pc of total installed capacity. Some of these plants have recently conducted trials to blend domestic coal. Authorities could later consider extending section 11 directive to other imported-coal-fired utilities, but this would primarily hinge on the summer power demand trajectory. Much of India's imported coal-based fleet has run at low utilisation levels because some key long-term power purchase agreements do not always allow full passthrough of higher fuel costs. Under section 11, authorities typically permit limited passthrough, allow sale of surplus electricity on exchanges and grant some operational concessions. Supplementary tariff Tata Power may be able to ramp up Mundra output after the Gujarat government approved a proposal to raise the tariff at which the plant supplies power to the state, enabling higher imported fuel costs to be passed through. The state recently approved a supplementary power purchase agreement between the utility and state-owned distributor Gujarat Urja Vikas Nigam, Tata Power said on 20 March. Tata Power has sought such approval for several years to offset the surge in imported coal costs. Higher tariffs could help revive the loss-making plant, which started operations in 2012. Tata Power has attributed persistent losses to Indonesia's regulatory changes that required coal suppliers to sell at benchmark prices, significantly raising coal costs and undermining the company's long-term pricing assumptions for Mundra. Tata Power would also need to seek supplementary agreement with other states that have signed up for the electricity from the Mundra plant, but Gujarat's approval and the direction from the federal power ministry could mean that the plant that typically consumes 10.5mn-11.5mn t/yr of imported coal may soon be operational. The directive from the power ministry could be a pre-emptive step rather than a response to any immediate fuel shortages given that India is sitting on record coal inventories on the back of strong domestic output growth and softer demand. Combined stocks at plants, mines, ports, transit and stockyards are estimated at close to 220mn t. Most incremental summer generation is expected to be met by domestic coal-fired plants, which supply the bulk of India's electricity. Coal-fired output accounts for the bulk of India's overall generation. India imported 160.15mn t of thermal coal in 2025, down by 3pc or 5.2mn t from a year earlier, according to shipbroker Interocean. Power utilities are estimated to have taken around 50mn t of this total. By Saurabh Chaturvedi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US LNG sector sees risks from surge in prices
US LNG sector sees risks from surge in prices
Washington, 20 March (Argus) — The spike in LNG prices triggered by the war in Iran is prompting concerns from export project developers about the possibility of future demand destruction if prospective buyers lose confidence in the fuel. Iranian attacks on ships near the strait of Hormuz and missile strikes on Qatar's 77mn t/yr Ras Laffan LNG export terminal have driven prices up sharply. LNG delivered to northwest Europe in May topped $20/mmBtu this week, more than twice the price from before the war. That could mean a windfall for many LNG producers, but industry officials say the return of price volatility makes it harder to pitch governments on the long-term deals needed for such capital-intensive projects. "The volatility in price is probably the biggest risk for industry," said Ben Dell, managing partner at US private equity firm Kimmeridge on Friday at an event held by the US Trade and Development Agency. LNG prices have yet to hit the record highs seen in 2022 after Russia's invasion of Ukraine, but countries are already taking dramatic steps to reduce energy use in response. The IEA on Friday released recommendations to reduce demand-side energy use, including lower vehicle speed limits, working from home and avoiding jet travel. "If we end up more weeks or months in — we are already cutting bone — we will be cutting really deep bone," US LNG developer Excelerate Energy general counsel Alisa Newman Hood said. "We need LNG to be dependable in order for [governments] to depend on it and not end up in demand destruction." The attacks on the Ras Laffan LNG terminal could increase the value of LNG assets outside of the Middle East that "now appear to have lower operating risk, especially if an ultimate ceasefire agreement appears tenuous", investment bank TD Cowen said in a note to clients on Friday. US gas industry officials believe at least three large-scale LNG projects will soon reach FID but say more capacity may be needed. "I really think we ought to start today with more of a wartime mindset," LNG Allies executive director Fred Hutchison said. President Donald Trump's administration has championed the growth of US LNG, including by tapping federal financing and insurance authorities. The US Export-Import Bank (EXIM) last week said the proposed $14bn Delfin floating LNG project off Louisiana was a "potential" transaction it was reviewing.The US credit export agency has already provided loans and insurance to support US exports for LNG projects in Mozambique and Turkey, but it has yet to extend credit or insurance directly to US LNG export terminals. "We're looking at some potential LNG projects, for example, that will be exporting more cargoes and more molecules abroad," EXIM Bank vice president of global business development Ben Todd said at the event. "One area where EXIM Bank has seen absolutely increased demand is supporting the physical cargoes themselves." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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