Energy & Science
Starved of Gas, European Electricity Producers Snap Up Coal
- A cargo traded at $200/ton in spot market, highest since 2008
- Coal burn is a headache for politicians before climate talks
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European electricity producers are snapping up coal cargoes as a shortage of natural gas forces utilities to burn the dirtiest of fossil fuels.
A shipment for delivery next month at a major European hub traded at $200 a metric ton, the highest since 2008, according to traders who saw the transaction on the globalCOAL platform. Several utilities stepped into the market this week to secure supplies before the start of the winter, said the traders, who asked not to be identified because the deals are private.