April 6, 2011, NEW YORK, NY -(Coal Geology) – Coal support has been on the upswing in recent weeks as safety concerns brought to light by the shutdown of the Japanese Fukushima Daiichi nuclear facility have soured public sentiment on nuclear energy. According to the International Energy Agency, coal currently accounts for roughly 40 percent of world electricity generation, and this number is likely to go up, should nuclear fall out of favour. The Bedford Report examines the outlook for companies in the Coal Industry and provides research reports on Patriot Coal Corporation (NYSE: PCX) and International Coal Group, Inc. (NYSE: ICO). Access to the full company reports can be found at:
While coal demand in Europe and the United States remains stagnant, emerging markets — particularly China and India — have played a critical role in coals renaissance. Indeed an official with the China’s coal association said late last year that the country’s demand for coal will continue to increase in the next five years and is expected to reach 3.8 billion tonnes in 2015.
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The devastating floods in Queensland Australia earlier this year has put a premium put on North American and U.S. met coal production. Luke Popovich, a spokesman for the National Mining Association, said the U.S. serves as a swing coal supplier to the world market. Popovich explains: “When Queensland flooding and China’s rapid cost-recession recovery created a spike in demand to feed China’s coal demand, our exports spiked up.”
Due to the Queensland flooding, the US Energy Department believes shipments from the US are poised to rise almost nine percent this year to about 86.5 million tons — the most since 1996.
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