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Number of results: 13
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Abstract

The purpose of the article was to characterize the international steam coal market based on the latest available data. The information goes back to the first half of 2018. The article focuses on the description of the three largest exporters and importers of steam coal. Representatives in these categories were selected using the latest global statistics on 2017. In 2017, global production of steam coal amounted to 5.68 billion tons and exceeded production in 2016 by 4%. For several years, invariably the world’s leading exporters of steam coal are: Indonesia, Australia and Russia. In total, these three countries in 2017 supplied 73% of steam coal to the international market. However, for the 46% of global steam coal imports (data for 2017), three Asian countries are responsible: China, India and Japan. For each of the six listed countries (i.e. for: three major global exporters and three major global importers), the paper presents volumes related to coal production, export or import. The directions of deliveries or major coal exporters to a given country were also included. At the end of the article, the price situation was presented, as it appeared in the first half of 2018 on the European and Asian markets.
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Abstract

Biomass is one of the most frequently used sources of renewable energy. For centuries, wood has been used by people to heat their homes, and nowadays it is also used to generate electricity. The article discusses legal issues related to biomass, classification of biomass for energy purposes, quality parameters of selected ecological fuels, quality requirements for biomass, as well as biomass trade in the world. The article compares the quality requirements for biomass purchased by individual companies from the power sector (mainly dimensions, calorific value, moisture content, ash content, sulfur and chlorine). An analysis of the price of wood pellets on international markets, represented by the biomass stock exchanges: RBCN, EEX and BALTPOOL was also performed. The market analysis clearly shows that the international market for industrial pellets is dominated by intercontinental trade, which mainly concerns exchanges between the United States of America as a producer and Europe as a consumer. The largest amount of biomass is imported by the United Kingdom, mainly for its Drax biomass power plant, and this biomass comes from the USA and Canada. In addition to Great Britain, significant importers of wood pellets are the Netherlands, Belgium and Denmark. Judging by the interest of Polish energy companies in the purchase of biomass, also in Poland, the development of the biomass market should be expected.
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Abstract

Article investigates the issue of terms of trade in energy products. The goal of this paper is to check how the terms of trade in energy fluctuate. The analysis is carried out on the example of Poland as a country which offers an interesting energy imports and exports structure. The time horizon covers the period from 2005–2015 and is extended to give the broader picture of the phenomenon wherever possible. In the research, the author uses the barter terms of trade concept. The paper has been organized in four sections. The study opens with introductory remarks presenting Polish energy situation, which is followed by a description of the terms of trade concept on the grounds of international economics. The results of the research are discussed in section three which ends with a summary and conclusions. The last part includes an additional description of study constraints and suggestions the next research steps. The statistical data used in the paper comes from national databases of the Polish Central Statistical Office and international sources such as the Organisation for Economic Cooperation and Development. Additional information on energy prices was derived from recognized branch sources such as BP Statistical Review of World Energy.
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Abstract

The development of electromobility is a challenge for the power system in both technical and economic-market terms. As of today, there are no analyses to determine the power necessary to supply the planned infrastructure and to estimate the incentives and economic benefits resulting from the modification of the settlement method. The document determining the legal regulations and the obligation to build vehicle charging stations for specific municipalities is the Act on Electromobility and Alternative Fuels. This act estimates that the development of electromobility, due to the specifics including not only individual vehicles, will take place in certain areas. The places which in the first stage will be dedicated to the potential implementation of the concept of electromobility will be municipalities covering large agglomerations. In addition, due to the local aspect, the development of electromobility may take place in the areas of energy clusters’ initiatives, which, using the policy of increasing energy awareness, are aimed at energy production from local renewable energy resources. The planned development of electromobility assumes a systematic increase in the number of electric cars caused by the introduction of support systems. The dynamization of this sector will cause an increase in the demand for electricity. Due to power system reasons, an important factor determining the level of energy consumption depending on the time of day may be an appropriate shape of the pricing for the charging service. Appropriate price list stimulation can affect the behavior of recipients, causing the charging of cars in the off-peak of electricity demand. The aim of the article is to characterize the scale of the phenomenon of electromobility in the context of the emergence of a charging points infrastructure along with the possibility of price-setting stimulation affecting the profile of energy demand. It is also important to consider the challenges and responsibilities of municipalities and energy clusters from the perspective of introducing electromobility.
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Abstract

The paper presents selected issues related to the development of international coal markets. World consumption of coal dropped for the second year in a row in 2016, primarily due to the lower demand from China and the US. The share of coal in global primary energy consumption decreased to 28%. World coal production accounted to 3.66 billion toe and it was lower by 6.2% when compared to the previous year. More than 60% of this decline took place in China. The decline in global production was more than four times higher than the decrease in consumption. The sufficiency of the world resources of coal are estimated at 153 years – that is three times more than the sufficiency of oil and gas resources. After several years of decline, coal prices increased by 77% in 2016. The current spot prices are at the level of $80/ton and are close to the 2014 prices. In the European market, after the first half of the year, coal prices reached the level of around 66% higher than in the same period of the last year. The average price in the first half amounted to PLN 12.6/GJ, which is close to the 2012 prices. The share of spot trade in the total purchase amount accounted to approx. 20%. Prices in futures contracts can be estimated on the basis of the Japan-Australia contracts prices and prices in supplies to power plants located in Germany. On average, the prices in supplies to these power plants were higher by approximately 9% in the years 2010 – 2016 and prices in Australia – Japan contracts were 12% higher than CIF ARA prices in 2017. Global energy coal trade reached about 1.012 billion tons in 2016. A decline by 4.8% is expected in 2019 primarily due to the expected reduction in demand in major importing countries in Asia.
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Abstract

Steel and cast-iron products, due to their low price and beneficial properties, are the most widely used among metals; their consumption has become an indicator of the economic development of countries. The characteristics of iron raw materials, in relation to current metallurgical requirements, are presented in the present this article. The globalization of the trade and development of steelmaking technologies have caused significant changes in the quality of raw materials in the last half-century forcing improvements in processing technologies. In many countries, standard concentrates (at least 60% Fe) are almost twice as rich as those processed in the mid-20th century. Methods of quality assessment have been improved and quality standards tightened. The quality requirements for the most important raw materials ‒ iron ores and concentrates, steel scrap, major alloy metals, coking coal, and coke, as well as gas and other energy media ‒ are reviewed in the present paper. Particular attention is paid to the quality testing methodology. The quality of many raw materials is evaluated multi-parametrically: both chemical and physical characteristics are important. Lower-quality parameters in raw materials equate to significantly lower prices obtained by suppliers in the market. The markets for these raw materials are diversified and governed by separate sets of newly introduced rules. Price benchmarks (e.g. for standard Australian metallurgical coal) or indices (for iron concentrates) apply. Some raw materials are quoted within the framework of the commodity market system (certain alloying components and steel scrap). The abandonment of the long-established system of multi-annual contracts has led to wide fluctuations in prices, which have reached a scale similar to that of other metals.
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Abstract

Over the past two years, coking coal prices have been the most volatile among major bulk commodities. On the supply side, the most important factor determining the movement of coal prices were weather problems affecting the exports of coal from Australia (Queensland), where the production of the best quality coking coals is concentrated. On the demand side, an important factor is the growing role of China on the market, which, being the world’s largest producer and consumer of metallurgical coal, has also become its largest importer. The dominant, about 75% share of China in the global spot market has resulted in their level of activity influencing the periodic price decreases or increases in international trade and prices based on CFR China (along with Australian FOB prices) have become important indicators to monitor market trends and determine levels of negotiated benchmarks. The exceptional volatility on the market led to a change in the quarterly price fixing mechanism for hard-load hard coal contractors in mid–2017 to apply a formula that assumes the valuation of their quarterly volumes based on the average of the basket of spot price indices. This reflects the broader trend of the evolving market, with growing spot market activity. The article describes the current situation on the international coking coal market and presents short-term forecasts for hard coking hard coal prices (PHCC LV), which are a reference point for fixing prices of other types of metallurgical coal (hard standard, semi-soft, PCI).
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Abstract

The development of air transport affects elements of the aviation fuel market. In recent years an increase in both the number of passengers and the number of passenger operations has been observed. This phenomenon also concerns passengers and the number of operations served by Polish airports which translates into more and more fuel consumption in Poland. The authors of the study tried to approximate the characteristics of aviation fuels used in various types of aircrafts. The most important of them, from the perspective of the Polish aviation sector, include Jet. This type of fuel plays a key role in civil aviation. In the article, the enterprises operating in the analyzed sector were also reviewed. The empirical part of the article is devoted, in turn, to the analysis of changes in air passenger transport in Poland and changes in Jet fuel prices on the Polish fuel markets. The conducted research shows that the dynamics of changes in the number of passengers, as well as the number of passenger operations at Polish airports were characterized by an upward trend, and the increase in the number of passengers was driven not only by a larger number of available flights, but also by such factors as: increasing the capacity of aircraft and increasing the fill rate for seats. The authors have also attempted to examine the strength of dependence between the number of passengers deciding to use Polish airports and Jet fuel prices, which in recent years have undergone significant fluctuations. For this purpose, the value of Pearson’s linear correlation coefficient was used and the analyzed period covered the years 2011–2017. The data on passenger traffic used in the study came mainly from periodic reports prepared by the Civil Aviation Office (ULC).
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Abstract

The article presents the challenges faced by the hard coal mining sector in Poland. The biggest challenge results from a decrease in the demand for coal, which was triggered mainly by the climate policy, including the tightening of environmental standards and an increase in the efficiency of generating units. The fundamental model of the MRÓWKA domestic coal market has been described. The model allows for determining the marginal price of a given fuel for a given generating unit in the system and the optimal mix of fuels to meet the energy demand. The results of the model calculations for the baseline and alternative scenarios were presented. It has been shown that the optimal distribution of coal mining capacities promotes the import of the discussed fuel in the north-eastern part of the country and that the individual customer valuation leads to a decrease in the competitiveness of the units located in the central-western part of the country. The paper also discusses the potential impact of the domestic oversupply on the balance sheet and the price of coal. According to the obtained results and the basic laws of economics, an oversupply of coal leads to a decrease in prices. For the analyzed variants, the dependence of prices was estimated at PLN 0.0308 / GJ for every million tons of the oversupply. The fall in prices is largely due to the fuel supply to units located close to ports or railway border crossings. Based on the presented arguments it can be concluded that the maximization of financial result from the extraction of coal should be based on an analysis taking incremental changes in fuel prices into account.
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Abstract

In the over 150 years of hydrocarbon history, the year 2017 will be one of the many similar. However, it will be a breakthrough year for liquefied natural gas. In Asia, China grew to become the leader of import growth, becoming the second world importer, overtaking even South Korea and chasing Japan. The Panama Canal for LNG trade and the “Northern Passage” was opened, so that Russian LNG supplies appeared in Europe. The year 2017 was marked by a dramatic shortening of the length of long-term concluded contracts, their shorter tenure and reduction of volumes – that is, it was another period of market commoditization of this energy resource. The article describes the current state of LNG production and trade till 2018. It focuses on natural gas production in the United States, Qatar, Australia, Russia as countries that can produce and supply LNG to the European Union. The issue of prices and the contracts terms in 2017 was analyzed in detail. The authors stress that the market is currently characterized by an oversupply and will last at least until mid–2020. Novatek, Total – Yamal-LNG project leaders have put the condensing facility at 5.5 million tons into operation. The Christophe de Margerie oil tanker was the first commercial unit to cross the route to Norway and then further to the UK without icebreakers and set a new record on the North Sea Road. In 2017, the Russian company increased its share in the European gas market from 33.1 to 34.7%. In 2017, Russia and Norway exported record volumes of „tubular” – classic natural gas to Europe (and Turkey), 194 and 122 billion m3 respectively, which is 15 and 9 billion m3 more natural gas than in 2016. The thesis was put forward that Russia would not easily give up its sphere of influence and would do everything and use various mechanisms, not only on the market, that it would simply be more expensive and economically unprofitable than natural gas. It was also emphasized that the pressure of the technically possible and economically viable redirection to European terminals of methane carriers landed in the American LNG, results in Gazprom not having a choice but to adjust its prices. The Americans, but also any other supplier (Australia?) can simply do the same and this awareness alone is enough for Russian gas to be present in Europe at a good price.
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