Download Economics of the International Coal Trade: The Renaissance by Lars Schernikau PDF

By Lars Schernikau

The global at the present time depends upon oil, coal and gasoline (in that order of significance) for over eighty% of its fundamental power. From the time people tamed fireplace, wooden or bio-mass grew to become the first strength resource. Coal took over from biomass throughout the commercial Revolution and accounted for over 60% of global basic strength via the early 1900s.

The present age is frequently known as the Oil Age, which turns out applicable now that approximately 35% of the world’s fundamental power nonetheless comes from oil. although, coal is experiencing a renaissance. this present day approximately one region of the world’s basic power and greater than forty% of the world’s electrical energy comes from coal. furthermore, approximately thirds of the world’s metal is produced utilizing coal. the writer predicts that coal turns into much more very important within the a long time to return, generally pushed by means of call for from China and India.

This ebook makes a speciality of the position of coal for today’s power and, most significantly, electrical energy markets. It begins with a evaluate of coal as a source, profiling the most important steam coal exporting international locations and the constitution of the availability industry. The low funding expense in coal in comparison to different fossil fuels is mentioned, and environmental and issues of safety with coal construction are reviewed.

The ebook examines how coal is utilized in the fashionable international. It compares coal to different power assets and speculates on a better function for coal within the medium-term destiny. It examines the constitution of the steam coal industry, agreement phrases, by-product markets, FOB expenditures, and introduces the WorldCoal industry version. the ultimate bankruptcy summarizes conclusions and predictions.

The writer predicts extra and bigger merger makes an attempt within the coal provide area and extra efforts to control this improvement via public coverage, higher funding by means of industry contributors in logistics and upstream resources, and the advance of exchange-based coal buying and selling via standardized coal volumes. the writer additionally outlines why he believes coal costs will upward push, finally catching up with gas.

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Additional info for Economics of the International Coal Trade: The Renaissance of Steam Coal

Sample text

000 0 1980 1985 1990 1995 2000 2005 Fig. 3 GSCI development, 1980–2006 (Source: Author’s analysis; Goldman Sachs Commodity Index, GSCI) 20 2 Introduction Jul 08: 210 USD/t USD/t 225 200 175 API2 (USD/t) 150 125 100 75 API4 (USD/t) 50 25 0 Jan 2002 Jan 2003 Jan 2004 Jan 2005 Jan 2006 Jan 2007 Jan 2008 Jan 2009 Fig. 4 Coal price developments, 2002–2008 (Source: Author’s analysis; McCloskey Coal Price Index) developing technologies to improve the world’s power plant park and to find newer and better ways of producing and transporting fossil fuel resources rather than fighting coal (in Germany this opposition runs parallel to the fight against nuclear energy).

For instance, in 2008 Stanford University started a large research project focused on coal. I argue that coal will fill the gap between the Oil Age and the often-referred-to ‘Solar Age’ of the future, where renewable energy sources will satisfy the majority of the planet’s hunger for electricity in specific and energy in general. In filling this gap, coal competes head-on with other sources of energy, but coal has the major advantage of being available in a relatively free market, with supply coming from developed and developing countries alike.

Also, each supply region has vastly different market conditions, often driven by infrastructure, quality, and location, and many destination ports are monopolized or controlled by one or two consumers. Given that not all ports can accept all vessel sizes, this leaves room for price discrimination. To simplify coal pricing and to start modeling the coal market, I have identified five key determinants: (1) marginal FOB costs and elasticity of supply; (2) export mine capacity; (3) demand growth; (4) emissions prices; and (5) sea transportation.

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