Reuters writes that the last year was marked by a significant increase in coal and natural gas prices in the context of the global energy crisis.
According to Goldman Sachs, it was these types of fuels that showed the highest growth dynamics. Energy costs will continue to rise as limited supply is expected in 2023.
Experts explained that recently the gas market has been strongly affected by the decrease in supply from Russia, and sabotage of the Nord Stream and Nord Stream 2 pipelines has also been affected. As a result, European countries are buying record amounts of natural gas from other sources for heating in the winter.
Strong demand for LNG and dwindling pipeline gas supplies triggered an energy crisis and gas prices soared to record highs.
The International Energy Agency had previously predicted that by the end of 2022, the level of world coal demand would increase by 1.2% (up to 8,025 tons).
I am Annabelle Sampson and I work for The News Dept as an author for their news department. My main focus is on economy news, but I also cover other topics such as business, finance, and current affairs. My writing has been featured in prominent publications such as The Wall Street Journal, Forbes Magazine, and the Financial Times.