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Europe Is Hoping For A Little Coal In Its Stocking This Christmas |
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Tuesday, 06 November 2007 05:36 |
European countries are paying premiums to import US coal. The price of US coal is at historically low levels, and energy producers are turning to it as a replacement for crude oil. Generating one million BTU with coal costs about USD$2, while generating the same heat with natural gas costs about $7. Fuel oil costs about $12.50. Enel, Italy's largest power company, is spending about $6 billion to convert its oil-fed generators to coal. Stocks for the major coal suppliers have increased by more than one-third in the past three months, and Consol plans to open a new coal mine in 2008 that will produce as much as five million tons of coal for export annually. Consol estimates that its Baltimore port is operating at half-capacity and could easily ship more than 12 million tons of coal annually.
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