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U.S. Cuts 2016 Coal Production Outlook

first_imgU.S. Cuts 2016 Coal Production Outlook FacebookTwitterLinkedInEmailPrint分享Molly Christian for SNL:The U.S. government cut its coal production outlook for 2016 as the year began with the lowest monthly production total since July 1983.The U.S. Energy Information Administration estimates that domestic coal production totaled 59 million tons in January, a 7% decline versus the prior month. The government agency expects that U.S. coal production will total 834 million tons in 2016, a 2.2% decline versus the prior outlook and a 6.4% decline versus the prior-year total of 890 million tons. For 2017, the EIA expects that coal production will rise 0.9% to 841 million tons, a 0.3% decline versus the prior outlook.The government agency expects the Interior region to account for 20% of domestic production in 2016 and 2017, up from 13% of production a decade ago, as production declines at a slower rate than that of the Appalachian and Western regions.“This increase in share reflects the [Interior] region’s growing competitive advantages compared with other U.S. coal-producing regions, [including] higher heat content, closer proximity to major markets than Western region coal, and lower mining costs than Appalachia-produced coal,” the report said.Meanwhile, the EIA expects power-sector coal demand will remain flat as increased demand resulting from rising natural gas prices is offset by growing renewables penetration of the power market and coal plant retirements. The government agency projects that power-sector coal demand will slide 0.1% to 746 million tons in 2016, a 0.9% decline versus the prior outlook, before recovering 0.5% in 2017 to 750 million tons, up 0.9% versus the prior outlook.Full articlee ($): US government trims coal production outlook, projects demand to remain flatlast_img read more

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52 Coal Companies Among Norway Divestiture Sales

first_img52 Coal Companies Among Norway Divestiture Sales FacebookTwitterLinkedInEmailPrint分享Stine Jacobsen for Reuters:Norway’s $863 billion (£610.3 billion) sovereign wealth fund, the world’s biggest, said on Thursday it had sold shares in 52 coal-dependent companies from its portfolio as part of a policy to fight climate change.A Reuters calculation showed the stakes sold were worth at least $1 billion at the end of 2014, before the fund started big divestments from coal. The biggest holdings included a $188 million stake in CLP Holdings (0002.HK).Norway’s parliament agreed last year to make the fund, built on revenues from the country’s vast offshore industry, sell out of companies that derive more than 30 percent of their turnover or activity from coal.The fund listed U.S. firms American Electric Power Co Inc (AEP.N), AES Corp (AES.N) and Allete Inc (ALE.N) among the firms, along with China Coal Energy Co Ltd (601898.SS) and Coal India (COAL.NS), the world’s biggest coal miner by output.Global coal producer Peabody Energy Corp (BTU.N), which filed for bankruptcy on Wednesday, was also on the list. The fund expects to exclude more firms from its investment universe amid the new rule.Full article: Norway’s $863 billion wealth fund bans 52 coal-linked firmslast_img read more

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VP Pence praises Jamaica’s economic reform pursuit

first_imgUnited States Vice President Michael Pence has referenced Jamaica’s economic reform for praise, among others in the Americas he hailed for their positive approach to growth. “Let me thank the many countries that have demonstrated courage to pursue economic reforms to empower job creation, innovators and citizens alike, from Argentina to Jamaica.”Bold action welcomed Vice President Pence who was addressing a protocolary meeting at the Organization of American States headquarters in Washington, D.C., on Monday, said he and President Donald J. Trump welcomed the bold action taken by these countries. “And we look forward to expanding our ties of commerce and exchanges for generation to come.” Audrey P. Marks, Jamaica’s Ambassador to the United States and Permanent Representative to the OAS, was also on hand at this special sitting of the OAS Permanent Council, called in the U.S. Vice President’s honor.Among other areas he emphasized in his address to the ambassadors of the countries of the Americas, as well as observers and other guests, the Vice President pointed out that “as we strive to expand opportunity for our citizens, we must never forget that security is the foundation of our priority and under President Donald Trump.US committed“The United States has remained committed to working with our allies and partners to ensure the safety and security of our people across the hemisphere,” he told the Permanent Council, the second highest decision making body of the OAS after the General Assembly. Mr. Pence recalled that since its inception, the OAS has played a critical role is strengthening security partnership across the wider region.Vice President Pence said there are tremendous opportunities to forge stronger trade relationships with countries in the hemisphere, and over the past year his country had successfully expanded access for vital agricultural products. The US is also strengthening its energy and infrastructure partnership across the region, he noted, and is working with Canada and Mexico to modernize the North American Free Trade Agreement (NAFTA) and to ensure that it holds to the original spirit of the special  trade arrangement.last_img read more

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