Worldwide closures of operational coal plants and the cancelling of new capacity continued to weigh on spot prices in 2019 and the new year is likely to bring more of the same. US gas prices hit new lows in early January and double-digit growth in gas production, as well as new pipelines in Europe could depress prices further, undercutting coal even as it falls. Traditional coal strongholds in Asia are now seeing renewable energy become cost competitive.

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