Coal is making a comeback as Europe has been facing soaring energy costs amid the war between Russia and Ukraine.
'Unsettled' author Steve Koonin react to Biden's climate change agenda on 'Kudlow'
Last week, Rystad Energy said coal prices could cross $500 per ton this year due to soaring gas prices, which could cause European countries to further turn to coal. Coal prices hit $462 per ton on Thursday, up from $186 on February 23, before Russia invaded Ukraine,Russia is Europe’s largest supplier of thermal coal, the independent energy research company noted in a news release, adding that according to Eurostat, Russia supplied EU member states with 36 million tons of thermal coal last year, which accounts for 70% of total thermal coal imports.
Rystad also noted that even though total power coal demand "has been on a declining trend" for the last decade, coal-fired power generators in Europe have become more dependent on Russian coal and Russia’s market share has grown significantly.
He reported that, according to Nolan, coal producers in the U.S. can do more in terms of helping Europe with the energy crunch, especially since America has more
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