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Biden Makes Coal Great Again As Exports Soar To India

• https://www.zerohedge.com, by Tyler Durden

These coal export earnings were the second highest since 2017, trailing only behind 2022's $5.7 billion. This comes as US utility coal usage for electricity generation tumbles to the lowest in this century. 

Reuters points out diverging trends between sliding domestic coal use at power plants and a surge in coal exports. They called this "hypocrisy, given the country's ambitions to become a global leader in energy transition and pollution reduction efforts." 

In 2023, India was the largest destination for US coal shipments, with 11.8 million tons delivered, accounting for 36.3% of total US thermal exports. Kpler data showed that volume was up 130% from 2022, and the south Asian nation is the world's largest coal producer and consumer after China. 

"India is expected to remain a keen buyer of international coal as the country's domestic reserves are being depleted and power firms rely on coal for about 75% of India's electricity," Reuters said.

This comes as major US companies, such as Apple, have been shifting manufacturing supply chains from China to India - a move called 'friendshoring'. 

In a separate report, Reuters pointed out that Prime Minister Narendra Modi's government increased coal power generation in 2023 by 11.3%, the fastest pace in at least five years. 

"In the next 18 months, about 19,600 MW (megawatts of) capacity is likely to be commissioned," the power ministry said late last week. 


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