GLOBAL coal prices soared today to record highs amid the escalating energy crisis.
In Australia, the price of coal rose to $457.80 per ton - three times higher than a year ago - while it was also reported that European coal prices are trading close to record highs.
It comes as uncertainty over gas flows to Europe and stronger coal demand from the continent is leading to increasing prices of the fuel.
The hike also comes as some countries, such as Greece, have started to rely more on the energy source again amid surging gas prices.
Several European countries have also resumed coal plants, while other key consumers including India have boosted imports.
Earlier this year, the International Energy Agency (IEA) warned that the world's consumption of coal is set to increase in 2022 to record highs last seen a decade ago as the impact of the war in Ukraine continues.
The coal price hike also comes just as day after European gas prices rose significantly following the announcement from Russia that one of its main gas supply pipelines to Europe would stay shut indefinitely.
Moscow scrapped a deadline for flows to resume through the Nord Stream 1 pipeline to Germany, saying it had discovered a fault during last week's three-day maintenance halt.
Nord Stream 1, which runs under the Baltic Sea to Germany, usually carries around a third of Europe's supply from Russia.
The move to shut down a key pipeline to Europe has prompted a new surge in wholesale costs, intensifying concerns about shortages and gas rationing in the EU this winter.
