In Germany and Italy, coal-fired power plants that were once decommissioned are now being considered for a second life. In South Africa, more coal-laden ships are embarking on what¡¯s typically a quiet route around the Cape of Good Hope toward Europe. Coal burning in the U.S. is in the midst of its biggest revival in a decade, while China is reopening shuttered mines and planning new ones.
The world¡¯s addiction to coal, a fuel many thought would soon be on the way out, is now stronger than ever.
Demand has been on the rise since last year amid a natural gas shortage and as electricity use surged after pandemic restrictions were rolled back. But Russia¡¯s invasion of Ukraine turbocharged the coal market, setting off a domino effect that¡¯s leaving power producers scrambling for supply and pushing prices to record levels.
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