CCP’s Flood Disaster Forced the Closure of Coal Mines, Aggravated Soaring Prices of Global Energy

Translated by: MOS Education Team – Winsun

According to the Independent’s news on October 12th, heavy rains and floods in northern China have forced several coal mines to shut down, which further caused the coal prices to soar to a record level. Thermal coal prices of the Zhengzhou Commodity Exchange rose by 10% on the basis of an increase of 12% on Monday (October 11).

Since May of this year, international thermal coal prices have risen by more than 100%. In order to bridge the gap between supply and demand, CCP has ordered its coal mines to increase production. However, heavy rains and floods have severely affected the production in the northern coal mining areas.

By report, house collapse and landslides happened in more than 70 regions and towns in northern China.  Shanxi Province is a mining center that accounts for one-third of China’s total coal supply. However, as of Tuesday (October 12), the heavy rains have caused at least 15 deaths in Shanxi Province and affected 1.76 million people.  At least 60 of the province’s total 682 coal mines were subsequently forced to close temporarily.

The further rise in coal prices has frustrated CCP’s efforts to expand fuel supply. In recent weeks, as the largest coal-producing country, the CCP government has been forcibly restricting the power supply to millions of homes and businesses, and has begun to worry about the complete power outage in Lebanon would happen.

Neighboring country India couldn’t be immune to coal shortage, either. Last week, 63 of India’s 135 coal-fired power plants reported that their coal stocks couldn’t last for two days or even less.  Part of the reason for the shortage in India is the transportation delays caused by the extreme weather.

In addition to coal prices, Brent crude oil also hit its highest level since October 2018 at US$84.60 on Tuesday (October 12).

Source: China floods add to global energy price woes as coal mines forced to shut

Original Post: https://gnews.org/zh-hans/1590120/

Proofread by: Amy Q
Edited by: Amy Q
Posted by: Amy Q

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