Flow of cheap gas hits coal prices | Financial Times:
Ahead of the G20 summit in Osaka later this week the anti-coal lobby has been out in force, calling on governments to phase out subsidies for the fossil fuel. Activists are preparing to inflate a blimp with a likeness of Shinzo Abe, Japan’s prime minister, standing in a bucket of coal, as they urge the country to stop building new coal-fired power plants.
For the moment, however, the coal industry has more pressing concerns, in particular competition from cheap natural gas, which has caused a steep drop in prices.
A year ago thermal coal, which is burnt in power stations to generate electricity, was trading at more than $100 a tonne. Today it sits at $70 a tonne and lower in some parts of the world.
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