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From http://www.powerworks.com.au/coal04.asp

Why Generate With Brown Coal?

The black coal of the Northern Hemisphere is approximately 300 million years old, which is much older than the coal of the LaTrobe Valley. The main difference between brown and black coal is, black coal has been buried for a longer time by a thicker material. This means that the coal has been squeezed more and has had a lot more of its moisture removed from it. Squeezing is not the only process that causes moisture loss; heat from inside the Earth also helps to dry out the coal, as it is buried deeper into the Earth's crust.
Brown coal having been squeezed and heated less has much higher moisture content than black coal. The brown coal of LaTrobe Valley has between 60% - 70% moisture, where as black coal has between 10%- 20% moisture, while the driest black coal, Anthracite has no water in it.

Moisture content is important when considering its energy content. When black coal is burnt in a power station boiler, it releases 23 - 30 megajoules of energy per kilogram of coal. When brown coal is burnt, it releases only 6 - 9 megajoules of energy per kilogram of coal because it is 60% - 70% water ............>>

The Future for Brown Coal

Victoria's brown coal reserve is vast. Beneath the LaTrobe Valley alone lie more than 160 billion tonnes of accessible coal - enough to last more than 1000 years at present rates of production. Because these huge seams of coal lie only 15 metres below the surface, they can be efficiently mined and effectively rehabilitated. Because Victorian coal contains few pollutants, like sulphur, and little ash residue, briquettes are popular in other environmentally concerned countries. Thousands of tonnes are being exported to Europe each year.