The following is the 2021 coal report From IEA recommended by recordtrend.com. And this article belongs to the classification: Investment & Economy, research report.
IEA issued the “coal report 2021”. After the decline in 2019 and 2020, global coal power generation is expected to rise by 9% in 2021, reaching an all-time high of 10350 trillion watt hours.
Total global coal demand is expected to grow by 6% in 2021. This growth will not exceed the record levels reached in 2013 and 2014. However, depending on weather patterns and economic growth, total coal demand is likely to set a new record as soon as 2022 and remain at this level in the next two years, highlighting the need for rapid and strong policy action.
In China, where more than half of the world’s coal-fired power generation is expected to increase by 9% by the end of 2021. In India, it is expected to grow by 12%. This will set an all-time high in both countries, although they have launched a considerable number of solar and wind power generation. Coal power generation in the United States and the European Union will increase by nearly 20% this year, but this is not enough to exceed the level in 2019. Due to the slow growth of power demand and the rapid expansion of renewable energy, coal use in these two markets is expected to decline again next year.
In 2020, global coal demand fell by 4.4%, the largest decline in decades, but far less than the annual decline initially expected at the peak of the early pandemic blockade. There is a big regional gap. China’s coal demand increased by 1% throughout the year, and the economic recovery began much earlier than other countries, while the coal demand of the United States and the European Union decreased by nearly 20%, and that of India and South Africa decreased by 8%.
After falling to $50 per ton in the second quarter of 2020, prices began to rise at the end of the year. Supply cuts balanced the market before China’s economic activity rebounded and coal demand began to push up prices. In 2021, China’s demand will rise further, which is not only the demand of global coal price makers, but also the reason for global supply interruption and rising natural gas prices. The price of coal reached an all-time high in early October 2021. For example, the thermal coal imported from Europe reached US $298 per ton. The rapid policy intervention of the Chinese government to balance the market has had a rapid impact on prices. By mid December, European prices had returned below $150 per ton.
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