The RB1 curve remained resilient amidst some serious falls in European and Australian coal prices.
Global coal prices have come off the boil somewhat, as oil, gas and power markets also subsided.
In further signs of changing global energy markets, more than half of Australia’s power generation (very briefly) came from solar, outstripping coal powergen.
However, China continues to power ahead with building coal and steel plant, even as they also increase their renewables capacity. The nation is clearly obsessed with being the energy and manufacturing hub for the world. Chinese coal production also rose by around 5% to over 2.2bn tonnes during the Jan-Jul period.
South Korea recorded its highest ever coal imports in July, as power demand spiked amidst nuclear plant outages.
Not wanting to be left out, Russian president Putin has ordered increased coal exports via rail to eastern ports, to service the increased Asian demand.
India too is ramping up coal purchases, even as its renewable goals are also being talked up. As they say, “action speaks louder than words”, something that the COP-26 negotiators would be well advised to listen to.
Although renewables account for around 80% of new powergen capacity, we are still clearly living in - the last few years of - King Coal’s reign, even as great forces of change are building up.