GLG News by Mining Equipment Experts

Thomas ShewskiOwnerHigh Energy Services

Coal Supply and Demand Affect on Prices and Volumes

March 17, 2008

Analysis of:Citigroup: Perfect Storm or Perfect Swoon for Coal? | www.mineweb.com

    The Citigroup reports states U.S. coal supply is ample and coal plant inventory levels are adequate such that the higher coal prices of the last several weeks will not hold.  The discussion in the commentary section addresses U.S. coal supply and coal plant inventory and takes a different view than Citigroup.

Thomas ShewskiOwnerHigh Energy Services

Number of PRB Tons in 2008 in 2009 to Backfill Eastern Coal Exports and for New Coal Plants

February 19, 2008

Analysis of:Sector Snap: Coal Falls After Downgrades | www.chron.com

    The anticipated export of Eastern U.S. coal in 2008 and 2009 will need to be sourced in great extent from the Powder River Basin (PRB).  This is in addition to the new coal plants coming on in 2008 and 2009 using PRB coal. The discussion below provides a forecast on these quantities from the PRB.

Thomas ShewskiOwnerHigh Energy Services

Not All Powder River Basin Coals Have Participated in Run-Up in Coal Prices

February 19, 2008

Analysis of:Foundation Coal Swings to 4Q Profit | money.cnn.com

    The global coal availability and price has provided the opportunity for U.S. Eastern coals to be placed in export to Europe.  This has dramatically increased Eastern coal prices.  This provides an opportunity for Western Powder River Basin (PRB) coals.

Thomas ShewskiOwnerHigh Energy Services

Regulated Utilities May Not Necessarily Receive Cost Recovery for Increased Coal Prices

February 19, 2008

Analysis of:Coal, Once Stable, Zooms in Price | www.news.com

    The increase in coal prices will obviously increase the electricity generating costs at a coal plant exposed to these price increases.  The impact to Independent Power Producers (IPPs) and their potential margins is understood.  Regulated utilities, on the other hand, are not necessarily exempt from the coal price increases affecting corporate earnings as discussed below.

Thomas ShewskiOwnerHigh Energy Services

Western U.S. Coal Potential Export

February 19, 2008

Analysis of:Talk of Exporting U.S. Coal to Pacific on the Rise | uk.reuters.com

    The global coal availability and subsequent coal price explosion has provided a great benefit to Eastern U.S. coal producers.  The Western U.S. coals may not be able to appreciably directly-participate in the export surge.

Thomas ShewskiOwnerHigh Energy Services

Coal Consumption in Southeast Could Gain if Drought Causes Reduction in Nuclear Electricity Generation

January 25, 2008

Analysis of:South’s Drought a Threat to Nuclear Power Plants | www.freep.com

    If low water levels used for cooling caused nuclear plants to operate less or back-off entirely at certain locations, this would be bullish for coal-fired (and natural gas-fired generation) and mitigate or cancel the concerns of an economic slowdown on coal-fired electricity generation.

Thomas ShewskiOwnerHigh Energy Services

Coal Consumption at Electric Power Sector Unlikely to Decline if U.S. Enters Recession

January 21, 2008

Analysis of:Citigroup forecasts 'dim' 4Q mining/metals earnings outlook | www.stockhouse.ca

    Discussion has been made that a U.S. recession will cause a decline in coal consumption by the electric power sector.  This is unlikely based on coal’s relative cost to generate electricity and the historical coal consumption by the electric power sector in previous economic downturns.

Thomas ShewskiOwnerHigh Energy Services

Treatment of SO2 Allowance Sales Proceeds by Regulated Utilities

January 21, 2008

Analysis of:Idaho Power wants to invest in wind power: Your rates could go up initially, the company says about a plan that would invest money from selling sulfur dioxide emission allowances. | www.tradingmarkets.com

    Coal generators have been taking efforts to reduce sulfur dioxide (SO2) emissions from coal-fired power plants.  Regulated utilities are required to treat the reduced SO2 emissions differently than unregulated utilities, merchant generators, and independent power producers (IPP).  The discussion below discusses this difference.

Thomas ShewskiOwnerHigh Energy Services

Snowpack Could be Bright for Pacific Northwest Investor Owned Utilities’ First and Second Quarter Earnings

January 21, 2008

Analysis of:Snowpack Brightens Power Outlook | www.missoulian.com

    The Pacific Northwest has a tremendous amount of installed hydroelectric capacity.  The first and second quarter earnings of the investor owned utilities in the Pacific Northwest very greatly with hydroelectric conditions.  Preliminary reports are robust for the snowpack in the Pacific Northwest that could result in advantageous hydroelectric conditions and earnings.

Thomas ShewskiOwnerHigh Energy Services

Comments on Van Eck’s Market Vectors Coal ETF That Tracks Stowe Coal Index

January 17, 2008

Analysis of:New Coal ETF Offers Alternative to Oil | seekingalpha.com

    Van Eck’s Market Vectors Coal ETF (KOL) is designed to track the coal markets through the recently released Stowe Coal Index.  The index is comprised of 60 companies around the world in the coal industry.       Comments that follow discuss the index and components shown at the website: www.stowecoalindex.com.

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