London—European, Middle East and African thermal coal markets opened the week even more bearishly as a medley of negative fundamental factors including strong competition in the generation sector, lower oil prices and the coronavirus pandemic all weighed on coal demand, sources said Monday. In Europe, thermal coal demand was taking a beating in the generation stack, most notably as wind accounted for around 50% of the UK’s electricity mix Sunday, according to WindEurope. “This huge rise of the renewable generation has led to a fall in electrical demand which has allowed coal power to be moved off the system,” a European-based analyst said.
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