November 1, 2018 Read More →

Australia’s New South Wales thermal coal exports face permanent decline: IEEFA

S&P Global Platts:

Australia’s New South Wales thermal coal exports face permanent decline: IEEFA

Australia’s thermal coal exports from New South Wales have peaked and are “now facing a terminal long-term decline” as several big Asian consumers mull switching to cleaner renewable energy, the Institute for Energy Economics and Financial Analysis said in a report Wednesday.

The report’s grim outlook came on the back of mining giant Glencore’s upbeat forecast for seaborne thermal coal demand Wednesday.

Co-author of the report Tim Buckley told S&P Global Platts that the coal industry’s bullish forecasts made “no assessment of the relative competitiveness of wind and solar versus imported coal across Asia over the coming two decades due to technology driven cost deflation.”

According to the clean energy think tank, the country’s largest thermal coal export locations including Japan, China, South Korea and Taiwan had rolled out policies to cut thermal coal consumption as they pushed for electricity generation from renewable energy sources.

Australia’s New South Wales thermal coal exports face permanent decline: IEEFA

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