Gasoline stations running dry in Britain. Power costs surging in the European Union ahead of winter. Forced restrictions on energy use in China. And rising prices for oil, natural gas and coal.
What unites them is a broad-based rebound in energy demand from lows hit during the depths of the coronavirus pandemic that has raised prices for oil, gas and coal; ongoing supply restrictions by oil cartel OPEC; and global transport bottlenecks that have complicated fuel distribution. China’s government has begun rationing electricity to energy-hungry businesses because of a crunch in coal supply. Because Beijing sets power prices, coal plants struggling with higher coal costs have been unable to operate economically and are shutting down.
But coal traders have said finding fresh import sources may be easier said than done, with Russia focusing on serving Europe’s power needs, rains interrupting output from Indonesia, and trucking constraints hindering imports from Mongolia.The price of keeping the lights on in Spain has tripled, reflecting a broader spike up in power bills across the European Union in recent weeks.
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