Global coal consumption is set to return to record levels reached nearly 10 years ago, the International Energy Agency said, as the energy crunch continues.
"And supply [of coal] is tight. Why? Because nobody's building capacity and markets will remain tight given the weather and Covid. So that market will stay higher for longer, probably well into 2023 calendar year."
The International Energy Agency released a fresh report on Wednesday warning that global coal consumption is set to rise by 0.7% in 2022 to match the record set in 2013, assuming the Chinese economy recovers as expected in the second half of the year. Worldwide coal consumption had already rebounded by about 6% in 2021 when the global economy recovered from the initial shock of the Covid pandemic, the IEA said.
"This is being driven by demand from the electricity sector where coal is increasingly being used to replace gas, which is in short supply and has experienced huge price spikes following Russia's invasion of Ukraine," it said.
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