Coal prices have reportedly weakened again as coal production for power plants in Europe continues to decline. According to Refinitiv data on Wednesday (October 2, 2024), the global benchmark Newcastle coal price fell by 1% to US$140.25 per ton, marking a total decline of 3.3% over three trading days.
In September, Greece set a new record with 463 hours or 64.3% of the time without electricity production from lignite coal, surpassing the previous record in May with 456 hours.
In total, lignite coal production in September reached 159.4 GWh, making it the second-lowest production month after May, which recorded only 50.2 GWh.
Interestingly, Greece usually relies on lignite during the hot summer months to meet the surge in electricity demand. In August, coal-fired power plants contributed 15% of the country’s energy supply. However, during some weeks in the spring, these plants did not operate at all, significantly reducing lignite’s contribution.
As of September, coal-based electricity production stood at 2.34 TWh, down 30% compared to the same period in 2023. Greece’s power system has also operated without coal-fired plants for 1,575 hours, approximately 24% of the total operating time this year.
Meanwhile, the UK reached a new milestone as it prepares to close its last coal-fired power plant in Ratcliffe-on-Soar, ending 142 years of dependence on this fossil fuel.
This closure marks a significant step in the UK’s efforts to combat climate change, as coal is the most polluting energy source. The UK, once building its industrial revolution on coal, is now becoming the first major economy to end its usage.
