U.S. coal miners are enjoying the surge in demand for the fossil fuel, with almost all of their production through the end of next year—and some into 2023 even—already sold, according to a Bloomberg report.
Prices are higher, too. According to the report, Arch Resources, the second-largest coal miner in the United States, has sold its 2022 output at prices 20 percent above current spot market rates. This suggests that this year’s surge in coal demand may not be just a short-lived hiccup in the energy transition.
Share prices of coal miners are also rising amid the demand surge. Peabody Energy Corp., America’s largest coal miner, saw its stock gain 17 percent within a day earlier this month.
U.S. coal-fired electricity generation is expected to increase this year for…