@sinkorswim
My O&G company did all the shale gas development for Shenhua Group and other new energy projects for other coal groups because they all knew they needed to get out of coal. They produce more than all of Australia but issues with lack of water and coal quality plague the industry.
Biggest issue they have as state companies is that they are not allowed to sack anyone which means no production change regardless of coal price. The reason for no retrenchments is the goverment has a social pack with the population. We keep you employed and you do not rise up against us.
The coal stacks along the road to inner mongolia were 50m high.... just left on side of roads as no one wanted it.... ignoring transition to renewables or hydro being 12% of total electricity production... coal is most certainly not coming back...
But hey, I am just a guy that was on the ground for 10 years in China and know all the players intimately... but what do I really know... lol
Super Ninja
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