first_imgSlumping prices mean trouble for U.S. thermal coal exporters FacebookTwitterLinkedInEmailPrint分享The Wall Street Journal ($):Thermal-coal prices have tumbled to multiyear lows amid slumping global demand for the commodity, the world’s top source of electricity. Miners exporting from the U.S., which have benefited from growing foreign orders in recent years, are among the hardest hit.As the market softens, they are struggling to compete with mining giants from places such as Australia, because it is more time-consuming and costly for U.S. miners to ship their coal to key markets. The selloff is hurting an industry President Trump promised to revive as a centerpiece of his 2016 presidential campaign.Exports from the East Coast sold for $46.12 a metric ton on Tuesday, down 26% in a month, according to S&P Global Platts. That is roughly half where the commodity traded in mid-2018, although it is up from a trough of $42 a ton last week.There are several reasons for the rout, not least a seasonal lull as the Northern Hemisphere warms up after the winter. Prices for liquefied natural gas, a cleaner energy source, have slumped to roughly three-year lows, according to S&P Global Platts. That has enabled power producers that use both fuels to prioritize gas.Meanwhile, demand has waned in key markets. In Asia, Japanese buyers have locked in supplies with long-term contracts, Chinese utilities are buying more local coal and generating more power from gas and water, and South Korea has raised taxes on coal imports. In Europe, too, weak industrial output means less power consumption, while LNG output has jumped. BMO Capital Markets analyst Colin Hamilton said soft demand in Europe was the main weak point for the market globally.Should coal prices stay low, U.S. exports would probably shrink quickly, analysts say.More ($): A chill descends on the coal marketlast_img read more


first_img FacebookTwitterLinkedInEmailPrint分享Reuters:India’s annual electricity generation from coal-fired utilities fell in 2019 for the first time in a decade, government data showed, amid a broader economic slowdown and increased use of renewable energy.India is the second largest consumer, importer and producer of coal behind China. The world’s third largest greenhouse gas emitter consumed nearly 1 billion tonnes of the fuel in 2018/19, with utilities accounting for over three-quarters of the total demand.While greater adoption of renewable energy contributed to lower output from coal-fired utilities, weak economic growth added to a slowdown in overall demand for electricity, economists say.Analysts and power sector executives say the fall in annual coal-fired generation was a blip and largely due to a broader economic slowdown.“It is very much an aberration now, but it’s a portent to what is inevitably going to happen in 5-10 years,” Tim Buckley, director of Energy Finance Studies, at the Institute of Energy Economics and Financial Analysis, in Australia, told Reuters on the sidelines of Coaltrans India conference.Electricity generation from coal-fired utilities fell about 2.5% to 965.53 billion units in 2019, an analysis of fuel-wise electricity generation data by the Central Electricity Authority (CEA) showed. Solar energy output rose by over a quarter while wind energy generation rose 5%, the data showed. The contribution of solar and wind energy to India’s overall energy generation rose to 8.8%, more than double their share of 3.6% in 2015.[Sudarshan Varadhan]More: India’s annual coal power output falls for first time in a decade Coal-fired electricity generation in India fell in 2019 for the first time in 10 yearslast_img read more


first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York An Eastport man was sentenced Tuesday to 2 1/3 to 7 years in prison for killing a 27-year-old woman in a hit-and-run crash, sparking renewed calls for tougher penalties in such cases.Peter Torrillo had pleaded guilty at Suffolk County court to leaving the scene of fatal crash.Prosecutors said the 48-year-old man was driving his GMC Sierra eastbound on Montauk Highway when he struck Erika Strebel, who is also from Eastport, and Edward Barton, of East Moriches, on Nov. 2.“A drunk or drug impaired driver who kills someone may face up to 25 years in prison,” Suffolk County District Attorney Tom Spota said. “But fleeing the accident scene allows the wrongdoer a chance to sober up, and under the current law, any driver guilty of a hit and run faces a maximum prison sentence of seven years—even when someone dies and even if the defendant has a prior felony record.“This profound encouragement to leave the scene must be eliminated,” Spota continued, urging New York State lawmakers to more than double the maximum punishment for a convicted hit-and-run driver before the legislative session ends next week. “It’s time to close this loophole.”Torrillo, who was not charged with drunken driving, reportedly had a prior conviction for driving while high on drugs. Authorities said that after the crash, Torrillo went to a bar in Center Moriches to listen to a band.The victims were parked on the eastbound shoulder of the roadway at the time because their Jeep Cherokee ran out of gas. Strebel died shortly later.Torrillo took his truck to a body shop in Queens, but county crime lab investigators later matched paint chips from the truck to the crash scene, authorities said.last_img read more