Economics of the International Coal Trade: The Renaissance of Steam Coal
国际煤炭贸易的经济学:动力煤的复兴
Publisher: Springer by Lars Schernikau | ISBN 10: 9048192390 | 2010| PDF |250 pages | 8.2 MB
The world today depends on oil, coal and gas (inthat order of importance) for over 80% of its primary energy. From the timehumans tamed fire, wood or bio-mass became the primary energy source. Coal tookover from biomass during the Industrial Revolution and accounted for over 60%of world primary energy by the early 1900s.
The current age is often referred to as the OilAge, which seems appropriate now that about 35% of the world’s primary energystill comes from oil. However, coal is experiencing a renaissance. Today aboutone quarter of the world’s primary energy and more than 40% of the world’selectricity comes from coal. In addition, about two thirds of the world’s steelis produced using coal. The author predicts that coal will become even more importantin the decades to come, mainly driven by demand from China and India.
This book focuses on the role of coal fortoday’s energy and, most importantly, electricity markets. It starts with areview of coal as a resource, profiling the major steam coal exporting nationsand the structure of the supply market. The low investment rate in coalcompared to other fossil fuels is discussed, and environmental and safetyissues with coal production are reviewed.
The book examines how coal is used in the modernworld. It compares coal to other energy resources and speculates on a greaterrole for coal in the medium-term future. It examines the structure of the steamcoal market, contract terms, derivative markets, FOB costs, and introduces theWorldCoal market model. The final chapter summarizes conclusions andpredictions.
The author predicts more and larger mergerattempts in the coal supply arena and further efforts to manage thisdevelopment through public policy, greater investment by market participants inlogistics and upstream assets, and the development of exchange-based coaltrading through standardized coal volumes. The author also outlines why hebelieves coal prices will rise, eventually catching up with gas.
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