November 27, 2021

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U.S. coal production for next year is already largely sold out

In the United States, next year’s coal production is already completely sold out. Even a portion of next year’s production has already been picked up by customers. This was reported in a press release issued by Bloomberg News Agency. In addition, according to Bloomberg, manufacturers can enjoy higher prices.

“American Coal Mine” Benefits from increasing demand For fossil fuels, “Bloomberg insists.” They may charge higher prices for their stocks. “

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Arch Resources, the second largest coal producer in the United States, was able to sell its produce for next year at 20 percent higher than current spot prices.

“It simply came to our notice then Strong increase in coal demand It can not be considered a short-term hiccup in energy transfer. “

“Under the influence of this strong demand, stock prices of coal products are also rising,” Bloomberg said. “Last month, Peabody Energy, the largest coal producer in the United States, increased its stock market capitalization by 17 percent in a single day.”

U.S. power generation is expected to increase its coal use this year. “This marks the first increase in seven years,” the US Energy Information Administration said. “We can record 21 percent growth compared to last year.”

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“However, this trend should be Short-term temporary phenomenon Will be considered, ”it said. “After all, 30 percent of all U.S. coal plants have been laid off since the beginning of the last decade.”

“No new coal plants have been started in the United States in the last eight years. After all, the U.S. Department of Energy is increasingly turning to renewable sources.

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“However, demand for coal from other parts of the world, especially in Asia, will be higher,” the researchers said.

“It opens up many export opportunities for American coal producers. China Creates at breakneck speed New coal mills. India also relies heavily on coal for 70 percent of its electricity generation.

However, the Energy Information Administration points out that US coal reserves continue to decline. In August, a reserve of 84 million tonnes was recorded. It was 13.2 percent lower than the previous month, the lowest level in at least 20 years recorded in August.

(N.S.)