15 January 2011

Queensland floods do what NZETS cannot

It appears the the Queensland floods have done something the New Zealand Emissions Trading Scheme (NZETS) cannot do.

The New York Times reports that the floods have increased the price of coal.

Prices for export coal used to produce electricity and for making steel in Asia are hitting new highs, as Queensland's largest coal mines remain closed and railroad companies grapple with mudslides.

the price of metallurgical coal could eclipse record highs hit in 2008. Global prices for seaborne steel-making coal are approaching $300 a metric ton.

Thermal coal burned at power plants is also seeing production disruptions

James Hansen would approve, even though the Queensland rainfall is probably not one of his strategies in Options for near-term phaseout of CO2 emissions from coal use in the United States.

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