Consol Energy has sold almost all the coal it expects to dig up this year and lined up buyers for almost half of next year’s production, a sign that US miners see strong demand continuing for the dirtiest fossil fuel.
Consol is “near fully-contracted for 2022” and has contracts to deliver 11.4-million tons of coal next year, the Canonsburg, Pennsylvania-based company said this week.
The miner produced 23.7-million tons last year, with about 63% going to power plants and the rest to steel producers.
US coal consumption climbed 14% last year as a global energy crisis drove up demand for fossil fuels, and demand is expected to remain near current levels through 2023, according to the US Energy Information Administration. High natural gas prices are prompting utilities to burn more coal, and suppliers are selling as much as they can produce. American miners have been sold out for 2022 for months, and stockpiles have slumped to record lows.