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Coal Mid-Year Update 2025 Prices
…again priced above thermal coal. This shift reflected a normalisation of market conditions, improving supply-demand balances. Notably, tight coking coal supply from Australia between September 2023 and March 2024 supported elevated prices during that period. Throughout 2024, however, coal prices continued to ease. By year-end, Australian low-volatile coking coal (FOB) had declined to below USD 200 per tonne. Thermal coal benchmarks also fell: Newcastle 6 000 kcal/kg FOB went down to USD 125 per tonne, while Indonesian 4 200 kcal/kg FOB hovered around USD 50 per tonne.In Spring 2025, coal markets exhibited greater stability, with more muted movements compared…
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Global Hydrogen Review 2026 Demand
Global hydrogen demand grew almost 3% in 2025 to surpass 100 Mt, concentrated in traditional uses in industry and refining. The impacts of the conflict in the Middle East render the near-term outlook for current hydrogen applications uncertain, particularly for fertiliser production and trade.Demand for low-emissions hydrogen grew by 20% in 2025, reaching close to 1 Mt. However, sluggish and uncertain policy implementation is failing to address the major barriers to adoption and preventing faster uptake.New offtake agreements for low-emissions hydrogen reached 1.7 Mtpa in 2025, as in 2024. One-fifth of all new agreements were firm…
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World Energy Investment 2025 Executive summary
…electricity sector is set to reach USD 1.5 trillion in 2025, some 50% higher than the total amount being spent on bringing oil, natural gas and coal to market. There is also increasing expenditure on the electrification of end-uses, largely reflecting the additional cost of buying an electric vehicle (EVs) versus an internal combustion engine model, even though many EV models being sold in China – the leading market for sales – are now competitive on an up-front basis with their conventional equivalents.Spending on low-emissions power generation has almost doubled over the past five years, led by solar PV…
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Gas Market Lessons from the 2022-2023 Energy Crisis Impact analysis of the two largest LNG import regions
…totalling about 100 bcm, spread across 19 EU member states and a handful of non-EU markets. Given the highly variable nature of Europe’s gas demand, underground gas storage plays a crucial role in balancing both seasonal and immediate fluctuations in demand and supply, acting as an important pillar of the continent’s security of supply.Finally, beyond access to varied supply sources and sizeable underground gas storage capacity, Europe’s – and more specifically the European Union’s and the wider Energy Community’s – gas market is underpinned by an important regulatory framework. The framework provides visibility and predictability…
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Coal 2025 Prices and costs
…in the high-CV market, where prices fluctuated between USD 92/t and USD 122/t, while for low-CV the spread was only USD 9/t.Met coal prices have followed a distinct trajectory since mid-2023, with significantly higher volatility compared with high-CV thermal coal. Prices exceeded USD 350/t in the third quarter of 2023, driven by rising demand from China and India. Market tightness eased in the second quarter of 2024, supported by increased exports from Mongolia to China. Since then, prices continued to decline, averaging USD 186/t in the first eight months of 2025.Recent market movements underscore the…
- Executive summary
- Demand
- Supply
- Trade
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Global Energy Review 2025 CO2 Emissions
…total volumetric increase in oil use. Carbon emissions trends varied widely across regions Emissions trends between regions diverged in 2024. CO2 emissions grew in emerging market and developing economies and international aviation and marine bunkers, outweighing reductions from advanced economies led by the European Union, Japan and the United States.In emerging market and developing economies, energy-related CO2 emissions increased by 1.5% (375 Mt CO2) in 2024, driven by rising energy demand associated with rapid economic and population growth. Emissions from coal rose by 2%, while natural gas emissions increased by 3.7% and oil emissions rose by…
- Key findings
- Global trends
- Oil
- Natural gas
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Sheltering From Oil Shocks Targeted consumer support to enhance energy affordability
…households by reducing their energy costs or giving them money to help pay for energy. Unlike universal subsidies which benefit everyone, targeted programmes focus only on vulnerable or eligible groups making assistance more efficient and reducing government spending.In response to the crisis in the Middle East, the United Kingdom has announced an allocation of GBP 53 million to support vulnerable heating oil customers and is committed to ensuring help reaches those who need it most. In 2022, learning from the Covid-19 crisis where universal payments led to increased energy consumption, Japan made targeted cash payments to 16 milli...
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The State of Energy Innovation 2025 Executive summary
…they are the products of government support, market expectations, finance, knowledge-sharing and accessible R&D and test facilities. It is testament to the efforts of energy innovators around the world that decision makers today can choose from a range of technology options to address strategic goals for all parts of the energy system. However, technological progress to tackle existing challenges and unlock new industrial opportunities relies on well-functioning innovation ecosystems and cannot be taken for granted.This report provides a unique global review of progress and challenges in energy technology innovation. It follows the IEA’s first Energy…
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Global Energy Review 2026 CO2 emissions
…market and developing economies excluding China, emissions increased by 1.1%, significantly below the 2.2% average annual growth observed over the past five years, with India a major contributor to this slowdown. Emissions in India dipped in 2025, driven primarily by weather effects linked to an earlier and stronger monsoon cycle, alongside continued robust expansion of renewable energy capacity. Outside of China, annual emissions trends were largely driven by weather effects. In advanced economies, colder winter conditions boosted heating demand, increasing natural gas consumption in buildings and the power sector. By contrast, reduced cooling needs in many emerging markets…
- Key findings
- Global trends
- Oil
- Natural gas
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World Energy Outlook 2022 Outlook for gaseous fuels
…energy shortages in several parts of the developing world that rely on imported gas, notably Pakistan and Bangladesh. Major growth markets for gas such as India and China have meanwhile sharply reduced their LNG imports in 2022. Key findings The traditional arguments in favour of natural gas have focused on its role as a reliable partner for the clean energy transition and its ability to step in to fill the gap left by declining coal and oil. These are currently being tested by the global repercussions of Russia’s actions in Europe. In the midst of a global energy crisis…
