Highlights

  • China is the world’s top coal consumer
  • European coal cost at a 13-year high
  • Chinese factories looking to import coal at higher than market rate

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EJ Explains| China's great energy crisis, all you need to know

Coal-based producers account for more than 70% of the country’s electricity generation.

China is facing an acute coal shortage leading to spiralling prices of energy fuels across the globe as the world's second biggest economy grapples with a power shortage. Here is all you need to know about China's energy crisis and it's global impact-:

  • Coal-based producers account for more than 70% of the China's electricity generation 
  • China's push to reduce greenhouse gas emissions and go “carbon neutral” by 2060 has capped the growth of coal mining.
  • Demand pick up begins as covid recedes, imports have risen more than 20% since the start of June
  • Inventories at six major Chinese power groups are down 31% and the lowest since 2017
  • European coal prices have risen to a 13-year high, and Australian Newcastle coal has surged by 250% from last September
  • Higher coal prices leading to rising cost of metals across the board as it is an input material for all factories
  • Nickel prices are at 14 year high, Aluminium as well is touching record high levels. 

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