ASX 200 coal shares are enjoying huge gains on the market today.
Multiple ASX 200 coal companies, including Whitehaven Coal Ltd (ASX: WHC), New Hope Corporation Limited (ASX: NHC), and Coronado Global Resources Inc (ASX: CRN), are on the rise today. For perspective, the S&P/ASX 200 Index (ASX: XJO) is also up 1.23% so far today.
Let's take a look at what could be impacting ASX 200 coal shares today.
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European nations revert back to coal
The Whitehaven share price is soaring 6.72% at the time of writing, while New Hope is jumping 7.48% and Coronado is 7.9% higher.
Coal explorers Yancoal Australia Ltd (ASX: YAL) and Allegiance Coal Ltd (ASX: AHQ) are also leaping 6.36%. and 8.42% respectively.
News out of Europe could be impacting coal shares. The Netherlands, Germany, and Austria are all revisiting coal due to an energy crisis sparked by the Russian invasion of Ukraine, France 24 reported.
Commenting on the decision, Dutch climate and energy minister Rob Jetten said:
The cabinet has decided to immediately withdraw the restriction on production for coal-fired power stations from 2002 to 2024.
European countries relying on coal may provide export opportunities for Australian coal companies. Whitehaven, Coronado, New Hope, Yancoal, and Allegiance all export coal around the globe.
The German government indicated it is taking measures to save gas "in view of throttling of gas supplies from Russia". Economics and Climate Protection Minister Robert Habeck noted the gas market situation had deteriorated in recent days. He added:
In order to reduce gas consumption, less gas is to be used to produce electricity. Instead, coal-fired power plants will have to be used more.
Share price snapshot
The Whitehaven share price has gained 159% in the past year, while New Hope has soared 85%. Coronado shares have also rocketed 134% in the past year.
For comparison, the benchmark ASX 200 Index has lost 10% in the last 52 weeks.
