16:38 - 25.04.2022

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April 25, Fineko/abc.az. Following the first phase of the global energy crisis caused by shortage of natural gas amid the recovery of the global economy after the pandemic, the world is facing a coal crisis associated with a number of factors.

ABC.AZ reports that with the exit from the pandemic in mid-2021, Europe faced an unprecedented shortage of electricity and shortage of natural gas, the prices of which have risen sharply. Against this background, the demand for less expensive coal has increased.

According to Bank of America’s data as of 1 April, coal burned at power plants is one of the cheapest fuel sources on the planet. As a result, in 2021, coal consumption in the EU grew by 12% (the first increase since 2017), in the USA by 17%, the same situation was observed in other regions of the world. According to the International Energy Agency (IEA), in 2021 the world generated more electricity than ever before from coal. In 2022, coal consumption for electricity and steel production, as well as for other industrial purposes, is expected to grow by 2% to a record 8 bn metric tons and remain at this level until 2024.