Newcastle coal prices just pipped up $23 (6.5%) to $382 for July overnight. Until supply suddenly jumps or demand suddenly drops, these levels of prices will remain for quite a while. The war in Ukraine is showing no signs of stopping for months if not years. Combine that with the run to coal for power and think this is set for at least a year. Long long-term things will go nuclear (in a power sense!) but that's way over the horizon to pin a time flag on, here in AU we need to be able to discuss it first politically before we can decide...
Also, I don't see renewables being equivalent to the required base load in AU, unless we are all going to get free petrol generators/batteries to cover the gaps - and it us all who will end up paying, again.
I'd be most amazed if the SP drops today, worst case to me is that it will hold with a bit of wiggle.
As always DYOR.
NHC Price at posting:
$3.21 Sentiment: Hold Disclosure: Held
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