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Coal 2025 Demand
…variability, while non-power coal demand held broadly stable. China and India accounted for 71% of global consumption, reinforcing the eastward shift in demand.For 2025, global coal demand is projected to reach 8 845 Mt, setting a new record. The increase of around 40 Mt compared with 2024 is very similar to the forecast we made last year. While there were some unusual regional trends, they had the effect of cancelling each other out. The United States posted the largest absolute gain of about 37 Mt, supported by policy measures and higher gas prices. In the European Union (EU) the decline in coal demand slowed…
- Executive summary
- Demand
- Supply
- Trade
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Coal 2025 Trade
…have driven its imports down by around 58 Mt to 489 Mt. Similarly, in India domestic thermal coal production is flat while demand is weak, keeping imports at around 235 Mt. Chinese Taipei, Korea and Japan, with negligible domestic production, are also expected to reduce coal imports in 2025. Meanwhile, the European Union is expected to maintain their coal import levels at 70 Mt, effectively pausing the structural decline seen in recent years.Mirroring trends in importing countries, Indonesia, which is Asia’s key swing supplier, is expected to reduce its coal exports by at least 9% in 2025, bringing volumes down to 505 Mt. Similarly…
- Executive summary
- Demand
- Supply
- Trade
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Coal 2025 Prices and costs
…t. The price of 6 000 kcal/kg coal at the Amsterdam Rotterdam Antwerp ports (ARA) including cost, insurance and freight (CIF) averaged USD 101/t in 2025, down 10% y-o-y but still about 12% higher than the 2017-2019 average of USD 90/t. South China including cost and freight (CFR) (5 500 kcal/kg) averaged USD 83/t in 2025, 20% lower than in 2024, yet still approximately 9% above the 2017-2019 average of USD 76/t.The most pronounced y-o-y price adjustment occurred at Newcastle, reflecting softer supply–demand dynamics for high-CV seaborne coal in the Pacific Basin. While…
- Executive summary
- Demand
- Supply
- Trade
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Coal Mid-Year Update 2025 Overview
…coal demand in the United States is estimated to have increased by 10% in the first half of 2025, driven by strong electricity demand and higher natural gas prices, which prompted some electricity generation to shift from gas to coal. In the European Union, coal demand grew in the first half of 2025 driven by the electricity sector, as a result of low wind and hydro output and higher gas prices.Despite such trends in the first half of the year, our full-year forecast for global coal demand in 2025 is little changed from the one published in our…
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Coal Mid-Year Update 2025 Demand
Global coal demand grew by 1.5% in 2024 to reach an all-time high In 2024, global coal demand increased by 1.5% compared with 2023, reaching a new all-time high of 8.79 Bt. This represents a continuation of the upward trend in coal consumption, albeit at a slower pace than growth rates of 4.4% in 2022 and 2.3% in 2023.The increase in 2024 was primarily driven by emerging economies in Asia, particularly China and India. China recorded the largest absolute growth, with demand rising by 82 Mt (1.7%) while India’s consumption…
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Coal Mid-Year Update 2025 Trade
…especially from China. The country experienced growth in imports, with coal imports reaching new highs. Imports increased by 14% up to 548 Mt, resulting in total annual imports surpassing 500 Mt for the first time. This volume is more than double that of India, the second-largest importer. Viet Nam also emerged as a key importer in 2024, surpassing Chinese Taipei to join the top five. Imports into Viet Nam are estimated to have increased by 16%, supported by strong demand and stable domestic production. In 2024, Indonesia’s thermal coal exports grew by 6%, reaching 549 Mt, largely driven by…
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Financing the Modernisation of Power Systems Beyond Coal Executive summary
…of 2026 has added a layer of complexity to coal transition and energy security strategies: heightened volatility in gas markets, driven in large part by conflict in the Middle East, has increased the short-term economic value of existing coal assets. At the same time, interest has grown in new financing mechanisms that could help accelerate coal transitions. Transition credits are one such option that have received increasing attention in the energy and carbon markets community in Southeast Asia. This report examines how transition credits could be designed to accelerate a coal transition for those countries seeking to do so…
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Poland
Poland’s energy system has seen progress on energy transition, despite its reliance on domestic hard coal and lignite. For example, Poland has one of the fastest growing solar PV markets in the European Union and has also seen a strong uptake of heat pumps. Poland is pushing to become a major player in offshore wind, aiming for at least 3.4 GW of capacity by 2030. However, stronger efforts are needed across all sectors to accelerate energy transition and Poland would benefit from greater electricity interconnections with the rest of Europe.
- Overview
- Energy mix
- Emissions
- Electricity
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+ 5 pages
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Hydroelectricity
Hydropower is the largest source of renewable energy today, but that could change soon
Hydro is currently the third largest source of power generation worldwide after coal and natural gas. In 2024, it generated around 4 500 terawatt-hours of electricity, or 14% of the global total.
More than 150 gigawatts (GW) of new hydro capacity is set to come online by the end of the decade, mostly in emerging and developing economies. As a result, electricity generation from hydropower is expected to increase by 7% between 2025 and 2030. However, its share in global electricity generation is poised to…
