A slew of cooling measures announced by China has led the futures prices plunging more than 53% since its high of 1,982 yuan on Oct 19.

Several factors are fuelling this price surge in energy commodities – primary among them is energy demand having rebounded as economies get back to business and consumers return to pre-pandemic levels of economic activity.

Temperatures have dropped sharply in many parts of northeast and northwest China, state media said. In Heilongjiang, all heating systems have been opened, and heating companies in Harbin city began supplying heat 4 days earlier than normal, Yulin in Shaanxi province is 10 days ahead of schedule, and Datong in Shanxi province started 13 days earlier than previous years.

In 2020, coal-fired generation declined by a quarter to 858 TWh, due to a drop in electricity demand and low natural gas prices, accounting for 20% of the country's electricity mix.

The draft Power Development Plan 8 (PDP 8) of Vietnam forecasts an installed capacity of 144 GW in 2030, with coal-fired power plants accounting for 31% of the country's installed capacity in 2030.

India is more exposed to the international spot coal market as it does not have many longer-term supply contracts. So, when spot prices jump, you see a corresponding decrease in imports

From January through Sept. 18, US coal production stood at 415.98 million st, up 8.4% from the corresponding period of 2020.

Poland would be able to diversify its natural gas supplies in 2022 with the opening of the Baltic pipeline which would bring gas from Norway.

This investment would reduce CO2 emissions by 500 million tonnes cumulatively by 2040, equivalent to approximately 25 million tonnes of CO2 per year.

"China will step up support for other countries in developing green and low-carbon energy and will not build new coal-fired power projects abroad," Xi said.