Indonesia suspends coal exports to secure domestic power supply
https://www.theedgesingapore.com/news/c ... wer-supply
Glencore Plc reported core earnings from its coal unit surged almost 900% to US$8.9 billion in the first half — more than Starbucks Corp or Nike Inc made in an entire year.
No 1 producer Coal India Ltd’s profit nearly tripled, also to a record, while the Chinese companies that produce more than half the world’s coal saw first-half earnings more than double to a combined US$80 billion.
Lack of investment has constrained supply. And demand is higher than ever as Europe tries to wean itself off Russian imports by importing more seaborne coal and liquefied natural gas.
Demand is so strong at European power plants that some customers are buying the high-quality fuel typically used to make steel to generate electricity instead.
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