Coal report says Australian exports have peaked and are in 'terminal long-term decline'

Report says high prices have pushed global energy markets more quickly towards cheaper and cleaner alternativesThe Australian coal export industry has peaked and entered a "terminal long-term decline", says a new report that argues high prices have pushed global energy markets more quickly towards cheaper and cleaner alternatives.The Institute for Energy Economics and Financial Analysis report, which focuses on the outlook for the New South Wales coal industry, argues record export profits for coalminers do not indicate a strong and growing industry.The report said export volumes from the port of Newcastle, the world's largest coal export harbour, peaked in 2016 and have begun a permanent decline. The conclusion is based on long-term trade forecasts for thermal coal and an analysis of Asian energy markets, where investment in coal-fired power is slowing.Australia's four biggest export markets for coal, Japan, South Korea, China and Taiwan, have scaled back their planned pipeline for new coal-fired projects and actively closed some power plants. Continue reading...