Coal imports to Europe rising rapidly

Due to the rapid increase in gas prices, also in the wake of the Ukraine crisis, the import of coal to Europe is increasing significantly. According to calculations by shipbroker Braemar ACM, imports increased by more than 55 percent in January compared to the same month last year. The main reason is that coal has become cheaper compared to gas. As a result, more coal-fired power plants are producing electricity, while the use of gas-fired power plants is being reduced. The International Energy Agency (IEA) expects gas consumption in Europe to fall by 4.5 percent this year. The comparatively mild winter so far could also play a role in this.