Economics of the International Coal Trade
The Renaissance of Steam Coal
(Sprache: Englisch)
This book analyzes the international seaborne steam coal trade and investigates resource economics and market structures of the global coal market. It develops a model to analyze pricing structures which are based on the cost minimization principle.
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This book analyzes the international seaborne steam coal trade and investigates resource economics and market structures of the global coal market. It develops a model to analyze pricing structures which are based on the cost minimization principle.
Klappentext zu „Economics of the International Coal Trade “
The world today depends on oil, coal and gas (in that order of importance) for over 80% of its primary energy. From the time humans tamed fire, wood or bio-mass became the primary energy source. Coal took over from biomass during the Industrial Revolution and accounted for over 60% of world primary energy by the early 1900s.The current age is often referred to as the Oil Age, which seems appropriate now that about 35% of the world's primary energy still comes from oil. However, coal is experiencing a renaissance. Today about one quarter of the world's primary energy and more than 40% of the world's electricity comes from coal. In addition, about two thirds of the world's steel is produced using coal. The author predicts that coal will become even more important in the decades to come, mainly driven by demand from China and India.
This book focuses on the role of coal for today's energy and, most importantly, electricity markets. It starts with a review of coal as a resource, profiling the major steam coal exporting nations and the structure of the supply market. The low investment rate in coal compared to other fossil fuels is discussed, and environmental and safety issues with coal production are reviewed.
The book examines how coal is used in the modern world. It compares coal to other energy resources and speculates on a greater role for coal in the medium-term future. It examines the structure of the steam coal market, contract terms, derivative markets, FOB costs, and introduces the WorldCoal market model. The final chapter summarizes conclusions and predictions.
The author predicts more and larger merger attempts in the coal supply arena and further efforts to manage this development through public policy, greater investment by market participants in logistics and upstream assets, and the development of exchange-based coal trading through standardized coal volumes. The author also outlines why he believes coal prices will rise, eventually catching
Coal is the important energy resource for the generation of electricity.As the world's fastest growing source of fossil fuel, it is expected to hold this position in the foreseeable future. The coal market now is more relevant than ever, and it is also much more complex; yet it is far less well understood than the oil or gas markets.
This book analyzes the international seaborne steam coal trade and investigates resource economics and market structures of the global coal market. Based on his primary research, the author develops an equilibrium framework WorldCoal model to analyze pricing structures which are based on the cost minimization principle. He describes the global steam coal market as being characterized by increasing marginal cost, and producers exerting market power which is demonstrated by price discrimination. The WorldCoal model provides the economic foundation of cost curves and competitive theory to treat such issues as increased local demand resulting in reduced export, or unstable governance threatening production. The study creates a picture of growth patterns in the global trade and provides the knowledge of power markets, geopolitical astuteness, a detailed understanding of mining economics, and an acquaintance with global freight markets.
The book addresses the issue of coal in relation to climate change and global warming as one of the determining factors in the future use of coal, and that this issue should be considered by scholars, policy makers, environmentalists, and coal producers.
This book analyzes the international seaborne steam coal trade and investigates resource economics and market structures of the global coal market. Based on his primary research, the author develops an equilibrium framework WorldCoal model to analyze pricing structures which are based on the cost minimization principle. He describes the global steam coal market as being characterized by increasing marginal cost, and producers exerting market power which is demonstrated by price discrimination. The WorldCoal model provides the economic foundation of cost curves and competitive theory to treat such issues as increased local demand resulting in reduced export, or unstable governance threatening production. The study creates a picture of growth patterns in the global trade and provides the knowledge of power markets, geopolitical astuteness, a detailed understanding of mining economics, and an acquaintance with global freight markets.
The book addresses the issue of coal in relation to climate change and global warming as one of the determining factors in the future use of coal, and that this issue should be considered by scholars, policy makers, environmentalists, and coal producers.
Inhaltsverzeichnis zu „Economics of the International Coal Trade “
I. Summary: Sources of Coal, Use of Coal, and Global Steam Coal Market2. Introduction: Methodolgy, Market Definition
3. Sources of Coal - Review of Coal as a Resource
4. Use of Coal - Power Generation and More
5. The Global Steam Coal Market and Supply Curve
6. Industrial Structure: Game Theory and Cournot
7. Conclusions, Implications and the Future of Coal
Bibliographische Angaben
- Autor: Lars Schernikau
- 2010, 250 Seiten, 103 farbige Abbildungen, 4 Schwarz-Weiß-Abbildungen, Maße: 15,5 x 24,6 cm, Gebunden, Englisch
- Verlag: Springer Netherlands
- ISBN-10: 9048192390
- ISBN-13: 9789048192397
Sprache:
Englisch
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