Page 1
London
Houston
Washington
New York
Portland
Calgary
Santiago
Bogota
Rio de Janeiro
Singapore
Beijing
Tokyo
Sydney
Dubai
Moscow
Astana
Kiev
Porto
Johannesburg
Market Reporting
Consulting
Events
International perspectives on energy prices - gas pricing in a world of $60/bl crude IFIEC Europe – Energy Forum 2015 Matthew Monteverde 4 June 2015
Page 2
Commodity prices in abstract
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
100
200
300
400
500
600
700
Okt 01 Okt 04 Okt 07 Okt 10 Okt 13
Index: October 2001 = 100, adjusted for inflation
Commodity prices have declined
NBP DE Power API 2 Ammonia NOLA Henry Hub Brent WTI Gold Ethylene NWE
Page 3
Commodity prices in abstract
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
100
200
300
400
500
600
700
Okt 01 Okt 04 Okt 07 Okt 10 Okt 13
Index: October 2001 = 100, adjusted for inflation
US shale gas
NBP DE Power API 2 Ammonia NOLA Brent WTI Gold Ethylene NWE Henry Hub
Page 4
Commodity prices in abstract
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
100
200
300
400
500
600
700
Okt 01 Okt 04 Okt 07 Okt 10 Okt 13
Index: October 2001 = 100, adjusted for inflation
German power and the Energiewende
NBP API 2 Ammonia NOLA Brent WTI Gold Ethylene NWE DE Power Henry Hub
Page 5
Commodity prices in abstract
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
100
200
300
400
500
600
700
Okt 01 Okt 04 Okt 07 Okt 10 Okt 13
Index: October 2001 = 100, adjusted for inflation
UK gas prices exposed to global market conditions
API 2 Ammonia NOLA Brent WTI Gold Ethylene NWE NBP DE Power Henry Hub
Page 6
Commodity prices in abstract
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
100
200
300
400
500
600
700
Okt 01 Okt 04 Okt 07 Okt 10 Okt 13
Index: October 2001 = 100, adjusted for inflation
Crude prices held firm before collapse
NBP DE Power API 2 Ammonia NOLA Henry Hub Gold Ethylene NWE Brent WTI
Page 7
Commodity prices in abstract
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
100
200
300
400
500
600
700
Okt 01 Okt 04 Okt 07 Okt 10 Okt 13
Index: October 2001 = 100, adjusted for inflation
Crude prices held firm before collapse
NBP DE Power API 2 Ammonia NOLA Henry Hub Gold Ethylene NWE Brent WTI
Page 8
Commodity prices in abstract
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
100
200
300
400
500
600
700
Okt 01 Okt 04 Okt 07 Okt 10 Okt 13
Index: October 2001 = 100, adjusted for inflation
Commodity prices have declined
NBP DE Power API 2 Ammonia NOLA Henry Hub Brent WTI Gold Ethylene NWE
Page 9
Commodity prices in abstract
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
Okt 01 Okt 04 Okt 07 Okt 10 Okt 13
Index: October 2001 = 100, adjusted for inflation
Rare earths – Chinese law (and law breaking)
NBP DE Power API 2 Ammonia NOLA Henry Hub Brent
WTI Gold Ethylene NWE Neodymium oxide Terbium oxide
Page 10
Market Reporting
Consulting
Events
Gas prices in a low-oil price world
Page 11
European price update
Copyright © 2015 Argus Media Ltd. All rights reserved.
30
35
40
45
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60
65
70
75
80
Mai 13 Aug 13 Nov 13 Feb 14 Mai 14 Aug 14 Nov 14 Feb 15 Mai 15
p/th
NBP forward month prices collapse — twice
Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15
Page 12
European gas price update
Copyright © 2015 Argus Media Ltd. All rights reserved.
30
35
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60
65
70
75
80
01 Mai 01 Aug 01 Nov 01 Feb 01 Mai 01 Aug
p/th
Forward price ranges – 2014-15 v2015-16
GY 13-14 Range GY 14-15
Page 13
European gas price update
Copyright © 2015 Argus Media Ltd. All rights reserved.
30
35
40
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55
60
65
70
75
80
01 Mai 01 Aug 01 Nov 01 Feb 01 Mai 01 Aug
p/th
Forward price ranges – 2014-15 v2015-16
GY 13-14 Range GY 14-15
Added political risk premium on low
prompt prices
Page 14
European gas price update
Copyright © 2015 Argus Media Ltd. All rights reserved.
30
35
40
45
50
55
60
65
70
75
80
01 Mai 01 Aug 01 Nov 01 Feb 01 Mai 01 Aug
p/th
Forward price ranges – 2014-15 v2015-16
GY 13-14 Range GY 14-15
Added political risk premium on low
prompt prices End-of-year price collapse
Page 15
European gas price update
Copyright © 2015 Argus Media Ltd. All rights reserved.
30
35
40
45
50
55
60
65
70
75
80
01 Mai 01 Aug 01 Nov 01 Feb 01 Mai 01 Aug
p/th
Forward price ranges – 2014-15 v2015-16
GY 13-14 Range GY 14-15
Added political risk premium on low
prompt prices End-of-year price collapse
First-quarter rally on lower Russian
receipts, storage
Page 16
European gas price update
Copyright © 2015 Argus Media Ltd. All rights reserved.
30
35
40
45
50
55
60
65
70
75
80
01 Mai 01 Aug 01 Nov 01 Feb 01 Mai 01 Aug
p/th
Forward price ranges – 2014-15 v2015-16
GY 13-14 Range GY 14-15
Added political risk premium on low
prompt prices End-of-year price collapse
First-quarter rally on lower Russian
receipts, storage
Wider Q2-Q3 spreads than in 2014
Page 17
European price update
Copyright © 2015 Argus Media Ltd. All rights reserved.
15
17
19
21
23
25
27
29
31
33
35
Mai 13 Aug 13 Nov 13 Feb 14 Mai 14 Aug 14 Nov 14 Feb 15 Mai 15
€/MWh
European front-month gas prices
ES AT CZ Gaspool NBP NCG
Peg N Peg S PSV TTF Zee PolPX
Page 18
Market Reporting
Consulting
Events
European gas supply
Page 19
European supply sources
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
200
400
600
800
1000
1200
1400
Aug 12 Nov 12 Feb 13 Mai 13 Aug 13 Nov 13 Feb 14 Mai 14 Aug 14 Nov 14 Feb 15 Mai 15
mn m³/d
Western European supply — monthly through mid-May 2015
NL/UK production NO RU N.Africa LNG
Page 20
Russian supply shortfall
Copyright © 2015 Argus Media Ltd. All rights reserved.
Yamal -3.2bn m³
Wysokoje -3.7bn m³
Velke Kapusany -15.1bn m³
Drozdwicze -2.5bn m³ Beregdaroc +0.1bn m³
Tietierowka -0.1bn m³
Winter 2014-15 v winter 2013-14
Page 21
Russian supply shortfall
Copyright © 2015 Argus Media Ltd. All rights reserved.
-100
-80
-60
-40
-20
0
20
40
60
80
100
Okt 13 Jan 14 Apr 14 Jul 14 Okt 14 Jan 15 Apr 15
mn m³/d
Russian deliveries to Poland, Slovakia and Hungary v nominations
Drozdowicze Tietierowka Wysokoje Kondratki - Yamal Velke Kapusany Beregdaróc
Page 22
Russian supply shortfall
Copyright © 2015 Argus Media Ltd. All rights reserved.
-250
-200
-150
-100
-50
0
50
100
150
Okt 13 Jan 14 Apr 14 Jul 14 Okt 14 Jan 15 Apr 15
mn m³/d
Russian deliveries to Poland, Slovakia and Hungary v nominations
Drozdowicze Tietierowka Wysokoje Kondratki - Yamal Velke Kapusany Beregdaróc
Page 23
Russian under-deliveries to Italy
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
20
40
60
80
100
120
Jan 14 Apr 14 Jul 14 Okt 14 Jan 15 Apr 15
mn m³/d
Italian deliveries v nominations
Nominated Delivered
Page 24
Russian under-deliveries to Italy
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
20
40
60
80
100
120
Jan 14 Apr 14 Jul 14 Okt 14 Jan 15 Apr 15
mn m³/d
Italian deliveries v nominations
Nominated Delivered
-40
-30
-20
-10
0
10
20
Mrz 11 Mrz 12 Mrz 13 Mrz 14 Mrz 15
mn m³/d
Supply shortfall
Nominated
Page 25
Larger European stockbuild required
Copyright © 2015 Argus Media Ltd. All rights reserved.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez
Aggregate European gas storage
2015 2014 2013 2012 2011 2010
Page 26
Market Reporting
Consulting
Events
Oil indexed contract prices
Page 27
Oil indexed price evolution
Copyright © 2015 Argus Media Ltd. All rights reserved.
10
15
20
25
30
35
40
Okt 04 Okt 05 Okt 06 Okt 07 Okt 08 Okt 09 Okt 10 Okt 11 Okt 12 Okt 13 Okt 14
€/MWh
Various oil-indexed contract formulations
Oil index
Page 28
Oil indexed price evolution
Copyright © 2015 Argus Media Ltd. All rights reserved.
10
15
20
25
30
35
40
Okt 04 Okt 05 Okt 06 Okt 07 Okt 08 Okt 09 Okt 10 Okt 11 Okt 12 Okt 13 Okt 14
€/MWh
Various oil-indexed contract formulations
Oil-index range Oil index
Page 29
Oil indexed price evolution
Copyright © 2015 Argus Media Ltd. All rights reserved.
10
15
20
25
30
35
40
Okt 04 Okt 05 Okt 06 Okt 07 Okt 08 Okt 09 Okt 10 Okt 11 Okt 12 Okt 13 Okt 14
€/MWh
Various oil-indexed contract formulations
Oil-index range Oil index TTF m1
Page 30
Oil indexed price evolution
Copyright © 2015 Argus Media Ltd. All rights reserved.
10
15
20
25
30
35
40
Okt 04 Okt 05 Okt 06 Okt 07 Okt 08 Okt 09 Okt 10 Okt 11 Okt 12 Okt 13 Okt 14 Okt 15 Okt 16 Okt 17
€/MWh
Various oil-indexed contract formulations
Historic TTF m1
Page 31
10
15
20
25
30
35
40
Okt 04 Okt 05 Okt 06 Okt 07 Okt 08 Okt 09 Okt 10 Okt 11 Okt 12 Okt 13 Okt 14 Okt 15 Okt 16 Okt 17
€/MWh
Various oil-indexed contract formulations
Historic TTF m1 Dec-13 TTF curve
Forward pricing in December 2013
Copyright © 2015 Argus Media Ltd. All rights reserved.
Page 32
10
15
20
25
30
35
40
Okt 04 Okt 05 Okt 06 Okt 07 Okt 08 Okt 09 Okt 10 Okt 11 Okt 12 Okt 13 Okt 14 Okt 15 Okt 16 Okt 17
€/MWh
Various oil-indexed contract formulations
Historic TTF m1 Dec-13 TTF curve
May-15 TTF curve
Forward pricing in May 2015
Copyright © 2015 Argus Media Ltd. All rights reserved.
Page 33
Market Reporting
Consulting
Events
A narrower price channel
Page 34
18
19
20
21
22
23
24
25
26
27
28
Mai 15 Nov 15 Mai 16 Nov 16 Mai 17
€/MWh
Oil index and market prices
EU oil index TTF m1 TTF forward
Forward price channel relatively narrow
Copyright © 2015 Argus Media Ltd. All rights reserved.
Page 35
18
19
20
21
22
23
24
25
26
27
28
Mai 15 Nov 15 Mai 16 Nov 16 Mai 17
€/MWh
Fuel switching prices remain below the market
EU oil index TTF m1 TTF forward Fuel switching 60pc/30pc
Fuel switching?
Copyright © 2015 Argus Media Ltd. All rights reserved.
Page 36
18
20
22
24
26
28
30
32
34
Mai 15 Nov 15 Mai 16 Nov 16 Mai 17
€/MWh
Asia-Pacific oil index and EU prices
EU oil index TTF m1 TTF forward Japan LNG (oil index) Fuel switching 60pc/30pc
Asian LNG backstop?
Copyright © 2015 Argus Media Ltd. All rights reserved.
Page 37
Market Reporting
Consulting
Events
LNG prices and changing supply patterns
Page 38
Asia-Pacific LNG price formation
Copyright © 2015 Argus Media Ltd. All rights reserved.
-
5
10
15
20
25
Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
$/mn Btu
Japanese LNG customs prices
Term: Abu Dhabi, Australia, Brunei, Indonesia, Malaysia, Oman, Qatar, Russia, US
Spot: Algeria, Belgium, Egypt, Equatorial Guinea, France, Norway, Nigeria, Peru, Papua
New Guinea, Spain, Trinidad, Yemen
Page 39
Asia-Pacific LNG price formation
Copyright © 2015 Argus Media Ltd. All rights reserved.
-
5
10
15
20
25
Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
$/mn Btu
Japanese LNG customs prices v modern oil index
Term: Abu Dhabi, Australia, Brunei, Indonesia, Malaysia, Oman, Qatar, Russia, US
Spot: Algeria, Belgium, Egypt, Equatorial Guinea, France, Norway, Nigeria, Peru, Papua
New Guinea, Spain, Trinidad, Yemen
Page 40
Asia-Pacific LNG price formation
Copyright © 2015 Argus Media Ltd. All rights reserved.
-
5
10
15
20
25
Jan-04 Feb-06 Mrz-08 Mai-10 Jun-12 Aug-14 Sep-16 Nov-18 Dez-20
$/mn Btu
Japanese LNG customs prices v modern oil index
Term: Abu Dhabi, Australia, Brunei, Indonesia, Malaysia, Oman, Qatar, Russia, US
Spot: Algeria, Belgium, Egypt, Equatorial Guinea, France, Norway, Nigeria, Peru, Papua
New Guinea, Spain, Trinidad, Yemen
Page 41
Asia-Pacific LNG price formation
Copyright © 2015 Argus Media Ltd. All rights reserved.
5
7
9
11
13
15
17
19
21
Jan-13 Apr-13 Jul-13 Okt-13 Feb-14 Mai-14 Aug-14 Dez-14 Mrz-15
$/mn Btu
Japanese LNG customs prices v modern oil index
Spot: Algeria, Belgium, Egypt, Equatorial Guinea, France, Norway, Nigeria, Peru, Papua
New Guinea, Spain, Trinidad, Yemen
Page 42
Asia-Pacific LNG price formation
Copyright © 2015 Argus Media Ltd. All rights reserved.
5
7
9
11
13
15
17
19
21
Jan-13 Apr-13 Jul-13 Okt-13 Feb-14 Mai-14 Aug-14 Dez-14 Mrz-15
$/mn Btu
Japanese LNG customs prices v modern oil index v ANEA
Spot: Algeria, Belgium, Egypt, Equatorial Guinea, France, Norway, Nigeria, Peru, Papua
New Guinea, Spain, Trinidad, Yemen
Page 43
Gap between Atlantic and Pacific prices is closing
Copyright © 2015 Argus Media Ltd. All rights reserved.
-
5
10
15
20
Jan-04 Mai-05 Sep-06 Feb-08 Jun-09 Nov-10 Mrz-12 Aug-13 Dez-14
$/mn Btu
Japanese oil index v NBP
Oil index NBP
Page 44
European LNG receipts
Copyright © 2015 Argus Media Ltd. All rights reserved.
-
1.000
2.000
3.000
4.000
5.000
6.000
7.000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
‘000t
Monthly LNG imports
BE FR PT ES UK NL IT
Page 45
European LNG receipts
Copyright © 2015 Argus Media Ltd. All rights reserved.
-
1.000
2.000
3.000
4.000
5.000
6.000
7.000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
‘000t
Monthly LNG imports
(12) (10) (8) (6) (4) (2) - 2 4 6 8
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$/mn Btu
NBP-Asia-Pacific oil index
Page 46
Market Reporting
Consulting
Events
Japanese LNG supply
Page 47
Japanese long-term supply contracts
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
10
20
30
40
50
60
70
80
90
1969 1972 1976 1980 1984 1987 1991 1995 1999 2002 2006 2010 2014 2017 2021 2025 2029 2032 2036 2040 2044 2047
mn t/yr
Known long-term supply contracts
Osaka Gas Tokyo Gas Tepco Tohoku Electric Chubu Electric
Chogoku Electric Hiroshima Gas Japex JX Mitsubishi
Kansai Electric Nihon Gas Kyushu Electric Nippon Steel Sendai
Saibu Gas Shikoku Electric Shizuoka Gas Toho Gas
Page 48
Japanese long-term supply contracts
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
10
20
30
40
50
60
70
80
90
1969 1972 1976 1980 1984 1987 1991 1995 1999 2002 2006 2010 2014 2017 2021 2025 2029 2032 2036 2040 2044 2047
mn t/yr
Known long-term supply contracts v gas demand
Osaka Gas Tokyo Gas Tepco Tohoku Electric Chubu Electric
Chogoku Electric Hiroshima Gas Japex JX Mitsubishi
Kansai Electric Nihon Gas Kyushu Electric Nippon Steel Sendai
Saibu Gas Shikoku Electric Shizuoka Gas Toho Gas Gas demand
Page 49
Japanese long-term supply contracts
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
10
20
30
40
50
60
70
80
90
1969 1972 1976 1980 1984 1987 1991 1995 1999 2002 2006 2010 2014 2017 2021 2025 2029 2032 2036 2040 2044 2047
mn t/yr
Known long-term supply contracts v gas demand
Australia Brunei Indonesia Malaysia Oman PNG Portfolio
Qatar Russia Trinidad UEA USA USA (new) Gas demand
Page 50
Market Reporting
Consulting
Events
Coal, China and the slow collapse of prices
Page 51
Commodity prices in abstract
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
100
200
300
400
500
600
700
Okt 01 Okt 04 Okt 07 Okt 10 Okt 13
Index: October 2001 = 100, adjusted for inflation
Commodity prices have declined
NBP DE Power API 2 Ammonia NOLA Henry Hub Brent WTI Gold Ethylene NWE
Page 52
Benchmark coal prices
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
50
100
150
200
250
Oct 2001 Dec 2005 Feb 2010 Apr 2014
$/t
Coal prices have fallen since early 2011
API 2 API 4 API 6
Page 53
Benchmark coal prices
Copyright © 2015 Argus Media Ltd. All rights reserved.
50
55
60
65
70
75
80
Jul 14 Aug 14 Okt 14 Nov 14 Jan 15 Mrz 15 Apr 15
$/t
Northwest European prices and key events
Cif ARA
Chinese import tax, ash and sulphur
limits
Page 54
Benchmark coal prices
Copyright © 2015 Argus Media Ltd. All rights reserved.
50
55
60
65
70
75
80
Jul 14 Aug 14 Okt 14 Nov 14 Jan 15 Mrz 15 Apr 15
$/t
Northwest European prices and key events
Cif ARA
Chinese import tax, ash and sulphur
limits Chinese trace element limits
Page 55
Benchmark coal prices
Copyright © 2015 Argus Media Ltd. All rights reserved.
50
55
60
65
70
75
80
Jul 14 Aug 14 Okt 14 Nov 14 Jan 15 Mrz 15 Apr 15
$/t
Northwest European prices and key events
Cif ARA
Chinese import tax, ash and sulphur
limits Chinese trace element limits
Brent crude bottoms out at $45/bl
Page 56
Benchmark coal prices
Copyright © 2015 Argus Media Ltd. All rights reserved.
50
55
60
65
70
75
80
Jul 14 Aug 14 Okt 14 Nov 14 Jan 15 Mrz 15 Apr 15
$/t
Northwest European prices and key events
Cif ARA
Chinese import tax, ash and sulphur
limits Chinese trace element limits
Colombian night-time rail freight
suspension
Brent crude bottoms out at $45/bl
Page 57
Market Reporting
Consulting
Events
Overcapacity and a change in China
Page 58
Will overcapacity come out of the market?
Copyright © 2014 Argus Media Ltd. All rights reserved.
-20
0
20
40
60
80
100
0
20
40
60
80
100
120
140
160
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
$/t
Price and historic export growth
Export growth rate API2 annual average
Page 59
Chinese demand growth has slowed
Copyright © 2014 Argus Media Ltd. All rights reserved.
-15
-10
-5
0
5
10
15
20
25
30
0
500
1000
1500
2000
2500
1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013
pc annual growth
mn toe
Historic demand and growth
Growth rate Chinese demand
Page 60
Coastal power station coal burn is down
Copyright © 2015 Argus Media Ltd. All rights reserved.
2,5
3,0
3,5
4,0
4,5
Jan Feb Mar April May June July Aug Sept Oct Nov Dec
mn t
Coal burn at major coastal plants
2013 2014 2015
Page 61
The Chinese economy is shifting
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
10
20
30
40
50
60
70
80
90
100
1960 1970 1980 1990 2000 2010
Value added, pc of GDP
Service sector larger than manufacturing for the first time in 2013
Agriculture Industry Services, etc.
Page 62
Economic output and coal consumption
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
2
4
6
8
10
12
14
16
18
0 250 500 750 1.000 1.250 1.500 1.750 2.000
GDP (trillion USD)
mn toe coal
2013 coal consumption and GDP
US
India
China
Japan
S. Africa
Page 63
Economic output and coal consumption
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
2
4
6
8
10
12
0 125 250 375 500 625 750 875 1.000
GDP (trillion USD)
mn toe coal
2003 coal consumption and GDP
US
India
China
Japan
S. Africa
Page 64
Economic output and coal consumption
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
1
2
3
4
5
6
7
8
0 125 250 375 500 625
GDP (trillion USD)
mn toe coal
1993 coal consumption and GDP
US
India China
Japan
S. Africa
Page 65
Economic output and coal consumption
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
1
2
3
4
5
6
7
8
0 500 1.000 1.500 2.000 2.500
GDP (trillion USD)
mn toe coal
Historic Chinese coal consumption and GDP
Page 66
Economic output and coal consumption
Copyright © 2015 Argus Media Ltd. All rights reserved.
0
1
2
3
4
5
6
7
8
0 500 1.000 1.500 2.000 2.500
GDP (trillion USD)
mn toe coal
Historic Chinese coal consumption and GDP
6x GDP per 500mn toe coal
consumption
16x GDP per 500mn toe coal
consumption
Page 67
Market Reporting
Consulting
Events
Conclusions
Page 68
Copyright notice Copyright © 2015 Argus Media Ltd. All rights reserved. All intellectual property rights in this presentation and the information herein are the exclusive property of Argus and and/or its licensors and may only be used under licence from Argus. Without limiting the foregoing, by reading this presentation you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices or any other individual items of data) in any form or for any purpose whatsoever without the prior written consent of Argus. Trademark notice ARGUS, ARGUS MEDIA, the ARGUS logo, DEWITT, FMB, FUNDALYTICS, METAL-PAGES, JIM JORDAN & ASSOCIATES, JJ&A, ARGUS publication titles and ARGUS index names are trademarks of Argus Media Limited. Disclaimer All data and other information presented (the “Data”) are provided on an “as is” basis. Argus makes no warranties, express or implied, as to the accuracy, adequacy, timeliness, or completeness of the Data or fitness for any particular purpose. Argus shall not be liable for any loss or damage arising from any party’s reliance on the Data and disclaims any and all liability related to or arising out of use of the Data to the full extent permissible by law.
Matthew Monteverde VP — Generating Fuels
Email:
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Office:
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