Coal India sees fastest growth in output, sales for six years in Sept

02/10/2020 09:09 Coal

news

State-run Coal India accounts for over 80 per cent of the country's production and is the world's largest coal miner by output

Coal India Ltd's output and sales grew by nearly a third during September from a year earlier, the company said on Thursday, as coal-fired power generation picked up and demand from smelters and other consumers increased.

State-run Coal India accounts for over 80 per cent of the country's production and is the world's largest coal miner by output.

Its output rose 32 per cent to 40.51 million tonnes in September, the company said in a stock exchange filing. Offtake, or sales to customers, rose 31.5 per cent to 46.46 million tonnes last month.

The growth in output and sales were the highest in at least six years, according to data available on the company's website, but were also due to declines in September last year.

Supplies to the non-power sector jumped 65 per cent to 10.04 million tonnes, while coal despatched to the power sector rose 24.7 per cent to 36.42 million tonnes, Coal India said.

The company, which wants to produce 1 billion tonnes of coal by 2023/24, saw its annual production fall during the year ended March 2020, the first annual decline in over two decades.

"We expect to better our performance in the ensuing months. We aim to reclaim as much of the lost ground," the miner said on Thursday.

The fast growth rate was also due to a steep fall in production in September last year due to high rainfall in coal-bearing areas, with production and offtake falling over 20 per cent each in September 2019.

India used nearly a billion tonnes of coal in 2019/20, about three quarters of it at power plants.

Provisional government data on Thursday showed coal-fired electricity generation rose 9.9 per cent in September, as India removed nearly all coronavirus-related restrictions.

However, analysts expect power usage during the current financial year to fall for the first time in decades.

source:energy.economictimes.indiatimes.com

EU approves German coal phase-out tender mechanism

26/11/2020 08:42:00

The European Commission today said Germany's coal phase-out tender mechanism to compensate operators for early closures promotes climate objectives and is in line with state-aid rules. But it said it will investigate the mechanism for closing lignite-fired plants.

<READ MORE

Daily (26.11.2020): European power prices soared on Wednesday amid colder weather outlook and lower wind generation

26/11/2020 10:33:00

Crude prices hit an eight-month high on Wednesday, supported by a drop in US oil stocks, progress on the coronavirus vaccine and optimism ahead of the next OPEC+ summit. As such, Brent crude rose by 1.6% to $48.61 a barrel, while WTI oil ended 1.8% higher at $45.71 a barrel.

READ MORE

EU approves German coal phase-out tender mechanism

26/11/2020 08:42:00

The European Commission today said Germany's coal phase-out tender mechanism to compensate operators for early closures promotes climate objectives and is in line with state-aid rules. But it said it will investigate the mechanism for closing lignite-fired plants.

READ MORE