Speculators are reducing positions ahead of the Federal Reserve's interest-rate decision, analysts say.
New South Wales is set to finalise an order by mid-February that will require all mining firms in Australia's biggest coal exporting state to reserve as much as 10% of their output for domestic supply. A Department of Planning and Environment spokesperson said the government would issue final directions after talks with miners. "The draft revised directions allow suppliers the option to provide coal from their own production or to strike an agreement from another supplier to meet their obligations under the directions," the spokesperson said.
European coal-fuelled power generation climbed last year as countries scrambled to replace Russian gas, but the increase was smaller than feared as renewable energy helped to plug the gap, researchers said on Tuesday. Russia, Europe's former top gas supplier, slashed deliveries to the European Union following its February 2022 invasion of Ukraine, plunging the 27-country bloc into a crisis of scarce energy supplies and soaring power prices. As a result, coal power's share of EU electricity generation rose by 1.5 percentage points in 2022, to account for 16% of annual generation, think-tank Ember said in a report.