Energy costs - coal prices

This will be 'interesting' when it hits - from Bloomberg:

U.S. Coal Miners Are ‘Sold Out’ for 2022
Almost every lump of coal that U.S. miners will dig out of the ground next year has already been sold, as surging natural gas prices prompt utilities to burn more of the dirtiest fossil fuel.

Peabody Energy Corp., the top American supplier, has contracts for more than 90% of its coal from the Powder River Basin region next year and all of the power-plant fuel from its other U.S. mines. And Arch Resources Inc., the No. 2 producer, has lined up deals with utilities for all of its 2022 output from the basin at an average price that’s 20% higher than current spot prices.

Demand for electricity is surging as the global economy recovers from the pandemic and winter approaches, driving natural gas prices to record highs. Even with coal miners boosting output next year, power producers are signing multi-year contracts for every ton they can get. As global leaders converge in Glasgow next week for a key United Nations climate conference, these lengthy supply deals are further evidence that the transition to clean energy is going to take some time.

“It’s pretty much sold out,” Peabody Chief Executive Officer Jim Grech said Thursday during a conference call. “We only have a small portion left to be sold for 2022 and for 2023.”

I drive past a railroad track couple times/week and see a lot of long trains heading north to Vancouver, B.C. - these are coal trains with 100 cars loaded to the brim and usually about 150-170 empty cars heading south. Spent a lot of time at the crossings so have counted them several times. Coal is King. This is going to hurt everyone - especially since this is supposed to be a cold wet winter.