Medium Term Outlook for coal. Laszlo Varro Head of Gas, Coal and Power Markets

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1 Medium Term Outlook for coal Laszlo Varro Head of Gas, Coal and Power Markets

2 Two key numbers tonnes is the increase in annual global coal consumption every day for the next five years 100% of this is without CCS.

3 The share of coal grows by 0.4% every year in the global energy mix Coal demand growth is more rapid than total energy (2.65% versus 1.2%) With current policies, it will catch up with oil in a decade

4 Coal demand growth is dominated by China and India Decline in the United States compensates for growth in the entire world outside China and India

5 Coal transportation is cheaper than LNG and does not need long lead time infrastructure projects

6 Consequently prices and markets are better integrated

7 Coal in China: powering (yet another) industrial revolution

8 Our image of Chinese energy consumption

9 So electricity is catching up more rapidly 120% China s consumption as a percentage of US consumption 100% 80% 60% 40% 20% oil electricity 0%

10 China is not running out of coal, but production is moving to remote regions 9

11 Leading to massive logistics challanges

12 Air quality is increasingly an energy policy driver

13 China is heavily investing into clean energy The effect of ongoing investments in China in reducing coal demand growth

14 US: Shale Gas and Coal, the fight of the century

15 Location of gas and coal capacity Hard Coal to CCGT Blue: CCGT capacity dominates Black: coal dominates (mostly due to availability of cheap coal) Red: balanced (dark red: very similar coal and gas capacity) Gas was not always built where there is coal to compete with Southern states more likely to displace coal

16 Effect of regulatory structure

17 Coal But capacity was the is KING now of showing the US power its age system

18 But: around 2/3 of US coal is the cheapest energy on planet Earth USD/t 120 Predominantly Appalachian basins 100 Predominantly Interior basins Predominantly Central Appalachia 80 Predominantly Western basins Predominantly Northern Appalachia Predominantly Illinois Basin 20 Predominantly Powder River Basin Mt

19 Coal in Europe an old star back on stage?

20 Wind, solar and weak demand reduce the call on conventional generation 500 EU wind and solar generation, Twh 400 Remaining German nuclear years demand growth at pre-recession trend historical IEA projection

21 No emission trading reform can restore the competiveness of oil indexed gas USD/MWh 120 Marginal cost of power generation EU carbon price that replicates the effect of US shale gas EU carbon price 60 EU commodity prices US commodity prices 0 coal gas

22 The peak year of investment into coal capacities in post war German history is

23 Decommissioning will make the coal renaissance temporary

24 India: the 1000 billion dollars question 1,000 Power generation capacity per million people, MW USA Existing India

25 Indian domestic supply: imagine this in Rhode Island

26 India: on track to be the 2 nd coal user and 1 st importer

27 Coal is, and will remain more globalized than gas The growth in import needs of India is the main driver of trade The economics of shipping Wyoming coal to Asia is marginal

28 Moving East 59 Mt 109 Mt Seaborne exports from Russia (93 Mt) 34 Mt 19 Mt Seaborne imports to the Atlantic basin (218 Mt) Seaborne exports from the Atlantic basin (128 Mt) Seaborne exports from the Pacific basin (498 Mt) Seaborne imports to the Pacific basin (573 Mt) 20 Mt 478 Mt 29 Mt Seaborne exports from South Africa (71 Mt) 42 Mt Atlantic basin Suppliers to both markets Pacific basin South Africa is increasingly an Asian rather than a swing supplier Segmentation leads to price differentials favouring Europe

29 Thank you for your attention

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