While climate change and a need to phase out dirty coal were at the forefront of the global agenda all last year, weather woes this year, coupled with growing geopolitical tensions, have taken a toll on consumers. After the cold winter, the world now has to cope with extreme summer temperatures, adding to the energy crisis. More and more countries are stepping back from their push to scrap coal-fired power generation – at least for now. Some countries are creating new supply chains, while others, such as Poland,
are ramping up domestic production to weather the cold months. The problem for importers is exacerbated further by soaring coal prices, with thermal coal futures at Australia’s Newcastle port now trading at nearly $400 per tonne (see Fig. 1), while the spot price has already surpassed this mark.