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A freight train transports coal from the Gunnedah Coal Handling and Prepararation Plant, operated by Whitehaven Coal Ltd., in Gunnedah, New South Wales, Australia, on Tuesday, Oct. 13, 2020.
David Gray | Bloomberg | Getty Images

LONDON — Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least liked commodity.

Australian thermal coal at Newcastle Port, the benchmark for the vast Asian market, has climbed 106% this year to more than $166 per metric ton, according to the latest weekly assessment by commodity price provider Argus.

The Newcastle weekly index, which stood at a 2020 low of $46.18 in early September, now appears to be closing in on an all-time high of $195.20 from July 2008. Its South African equivalent, the Richards Bay index, ended the week through to Aug. 13 at $137.06 per metric ton, up more than 55% this year.

To put thermal coal’s remarkable rally into some context, international benchmark Brent crude is one of few assets to have recorded comparable gains this year. The oil contract is up 33% year-to-date.

The resurgence of thermal coal, which is burned to generate electricity, raises serious questions about the so-called “energy transition.” To be sure, coal is the most carbon-intensive fossil fuel in terms of emissions and therefore the most important target for replacement in the pivot to renewable alternatives.

Yet, as policymakers and business leaders repeatedly tout their commitment to the demands of the deepening climate emergency, many still rely on fossil fuels to keep pace with rising power demand.

It comes shortly after the world’s leading climate scientists delivered their starkest warning yet about the speed and scale of the climate crisis. The Intergovernmental Panel on Climate Change’s landmark report, published Aug. 9, warned a key temperature limit of 1.5 degrees Celsius could be broken in just over a decade without immediate, rapid and large-scale reductions in greenhouse gas emissions.

U.N. Secretary-General, António Guterres, described the report’s findings as a “code red for humanity,” adding that it “must sound a death knell for coal and fossil fuels before they destroy our planet.”

Earlier this year, Guterres pushed for all governments, private companies and local authorities to “end the deadly addiction to coal” by scrapping all future global projects. The move to phase out coal from the electricity sector was “the single most important step” to align with the 1.5-degree goal of the Paris Agreement, he said.

Outlook for thermal coal prices

Yulia Buchneva, director in natural resources at Fitch Ratings, told CNBC that thermal coal remains a key global energy source, noting the commodity still has a more than 35% share in global power generation.

“We expect that the share of coal in energy generation will decline driven by the energy transition agenda, however this will have a rather longer-term impact on the market. In the medium-term demand for coal in emerging markets with less strict environmental agenda, in particular in India, Pakistan, and Vietnam, where coal-fired power dominates generation, is expected to rise,” Buchneva said.

By comparison, Buchneva said that since the U.S. and EU account for only 10% of worldwide demand for coal, an expected contraction in these regions would have a limited impact on the global market.

When asked whether thermal coal prices could push even higher in the coming months, Buchneva replied: “The current high thermal coal prices have decoupled from costs and are therefore not sustainable. We expect that prices will normalize during the remainder of the year.”

Fitch Ratings assumes the price of high energy Australia coal will decline toward $81.

A bucket-wheel reclaimer stands next to a pile of coal at the Port of Newcastle in Newcastle, New South Wales, Australia, on Monday, Oct. 12, 2020.
David Gray | Bloomberg | Getty Images

Energy analysts cited a variety of reasons for thermal coal’s breakneck rally. These included rebounding power demand in China, Beijing’s informal ban on coal imports from Australia, supply disruptions in Australia, South Africa and Colombia, and rising global gas prices.

For the latter, analysts at Argus said Europe had incurred unseasonably low gas storages, weak liquified natural gas imports and modest pipeline imports from Russia. It has coincided with gas prices rising more sharply than coal and thus led to an increased incentive to burn coal at the expense of gas for power generation.

“Coal as an expensive substitute, especially in Europe given the need to buy pollution offsets via emission futures, is likely to continue into the winter period,” Ole Hansen, head of commodities research at Saxo Bank, told CNBC via email.

“This in response to low gas stock levels both in the US and Europe following a high demand season driven by extreme heat and economic activity,” he continued. “All in all, coal is in demand despite raised focus on climate change.”

Hansen said this was simply due to the lack of supplies from coal’s biggest competitor: natural gas.

Financing coal projects to become more difficult

“I’m reluctant to get into how this is going to continue to play out over the next few months. I think things are fairly fluid in terms of the impact of the virus on various economies and it doesn’t take much of a slowdown for things to really start impacting a commodity like coal,” Seth Feaster, energy data analyst at IEEFA, a non-profit organization, told CNBC via telephone.

“One thing I can say is that prices have been very volatile. And from a U.S. perspective, when coal companies talk about exports being their savior, we find that pretty suspect because volatility makes it very difficult for coal companies to have any kind of long-term plan around thermal coal exports.”

Smoke and steam rises from the Bayswater coal-powered thermal power station located near the central New South Wales town of Muswellbrook, New South Wales, in Australia.
David Gray | Getty Images News | Getty Images

Feaster said that while some countries appeared hesitant to move away from coal, it is becoming “abundantly clear” that financing for coal projects is drying up. “It is going to be very difficult going forward to fund any kind of new power projects for coal,” he continued.

“I think that that’s really going to become a pariah around the world for anybody to finance coal projects. It is going to become more expensive and more difficult.”

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Anker SOLIX F2600 expanded bundle at new exclusive $1,799 low + PowerCore Reserve 60,000mAh station $80, Segway ZT3 Pro $900, more

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August 12, 2025

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Anker SOLIX F2600 expanded bundle at new exclusive ,799 low + PowerCore Reserve 60,000mAh station , Segway ZT3 Pro 0, more

Today’s Green Deals are almost exclusively about solar power, except for our lone EV deal. Headlining this edition is the exclusive $1,700 savings we’ve secured for our readers on the Anker SOLIX F2600 Portable Power Station with an expansion battery at a new $1,799 low. There’s also Segway’s special promotion taking its ZT3 Pro Smart All-Terrain Electric Scooter down to its second-best price of $900, as well as Anker’s PowerCore Reserve 60,000mAh Power Bank Station down at $80. From there, we also have Anker’s SOLIX C300 DC 90,000mAh Portable Power Station returning to its lowest price and a special EcoFlow promotion dropping 220W and 400W solar panels (as well as multi-bundles) to their best prices to date. Plus, all the hangover savings are at the bottom of the page, like yesterday’s first cash discount on Velotric’s new Breeze 1 Cruiser e-bike alongside bundled gear, Navee’s Back to School e-scooter sale, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Save an exclusive $1,700 on Anker’s SOLIX F2600 power station with an expansion battery at a new $1,799 low

We’ve secured an exclusive deal from Wellbots on the Anker SOLIX F2600 Portable Power Station with a BP2600 expansion battery for $1,798.56 shipped, after using the exclusive code 9TO5F2600 at checkout. You’d normally have to shell out $3,499 for this bundle at full price, which we’ve seen go as low as $2,399 in the past. You’re looking at a combined 49% markdown that cuts $1,700 off the tag in all, giving you the best price we have tracked on this expanded backup power solution.

A successor to the F2000 model, Anker’s SOLIX F2600 power station starts at an increased 2,560Wh LiFePO4 capacity that is then doubled thanks to the expansion battery inclusion to 5,120Wh. There are twelve output ports (including a TT-30 port for RV support) to connect devices and appliances, with the unit delivering up to 2,400W of continuous power that can surge as high as 2,800W – all within a convenient suitcase-like design complete with wheels for easier transport.

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The two main ways to recharge Anker’s SOLIX F2600 power station are either by utilizing its max 1,000W solar input that can have it back to 80% in around two hours, or you can activate its HyperFlash mode to charge to 80% via an AC outlet in one hour and 40 minutes. It comes rated for a 10-year lifespan of continuous use, so using it less often just means extended support for your backup needs, and offers the full array of remote smart controls through its companion app that you would expect.

man riding Segway ZT3 Pro electric scooter through mud puddle on dirt trail

Segway’s ZT3 Pro e-scooter brings Apple Find My and proximity locking to all-terrain adventures for $900

Following right alongside a similar deal we saw on Segway’s new F3 Electric KickScooter that is still going strong through August 17, the brand is offering a promotional discount on its ZT3 Pro Electric Scooter at $899.99 shipped through August 31, after using the code ZT3AUG100OFF at checkout, beating out Amazon pricing by $100. This model carries a $1,300 MSRP directly from the brand, but keeps down at $1,000 normally over at Amazon. We saw it hit a new $850 low last month during Prime Day, with the deal here being the next-best rate that matches its preorder launch deal from September for the first time. You’ll be saving $100 off the going rate ($400 off the MSRP), landing it just $50 above the one-time low.

If you want to learn more about this newer and smarter model, be sure to check out our original coverage of this deal here.

woman carrying Anker's PowerCore Reserve 60,000mAh power station by handle towards car in front of lake

Tote Anker’s PowerCore Reserve 60,000mAh station through the rest of summer and beyond for $80

By way of its official Amazon storefront, Anker is offering its popular PowerCore Reserve 60,000mAh Power Bank Station at $79.99 shipped in both colorways, which comes in $1 under the brand’s direct website pricing. You’d normally have to spend $150 for this model at full price, though discounts have been regularly keeping the costs down between $110 and $90 on average, with some falls lower to $80, like today, and one previous drop to the $75 low during Prime Day. Aside from that one-time appearance, you’re otherwise looking at the best price we have tracked, which gives you $70 off the going rate and lands it $8 under our previous mention from three weeks ago.

If you want to learn more about this popular portable charging solution, be sure to check out our original coverage of this deal here.

man and woman inside tent lit by Anker SOLIX C300 DC power station pop-up light

Anker’s SOLIX C300 power stations are portable 90,000mAh backup companions that start from $150

By way of its official Amazon storefront, Anker is offering its SOLIX C300 DC Portable Power Station at $149.99 shipped, matching the brand’s direct website pricing. You’d have to pay $250 for this unit at full price regularly, though discounts in 2025 have seen it go as low as $150, which was last seen in July’s Prime Day Sale event, with things otherwise seen repeating to $170 since June. You’re looking at another shot at the second best price we have tracked, giving you $100 off the going rate that is only beaten by the $140 low we last saw during Black Friday and Christmas sales.

If you want to learn more about this model, be sure to check out our original coverage of this deal here.

man setting up EcoFlow 220W solar panel next to power station in field in front of tent

Score up to 61% total savings on EcoFlow 220W and 400W solar panels and bundles at lowest prices starting from $254

As part of its current Home Backup Sale running through August 17, EcoFlow is offering an additional 15% off promotion on 220W and 400W solar panels (plus dual panel bundles). Things start at their lowest with the NextGen 220W Bifacial Portable Solar Panel at $254.15 shipped, after using the code ASOLAR15OFF at checkout for the extra savings, beating out Amazon’s pricing by $75. It’s already down from its full $649 price tag thanks to the sale, with the price having stayed above $300 with discounts until today. Not only has the brand dropped the initial pricing from $329 to $299, but the extra savings make the deal all the sweeter, cutting a total $395 off the going rate for a new all-time low price, alongside the other lows we’re seeing on the 220W bundle and 400W offers.

To learn more about these solar panels or to view the full lineup of solar panel deals, be sure to check out our original coverage of this promotion here.

Best Summer EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Genesis may drop its most affordable model to trade up for SUVs and EVs

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August 12, 2025

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Genesis may drop its most affordable model to trade up for SUVs and EVs

Genesis-most-affordable-model

It’s only a matter of time before the Genesis G70 sedan will no longer be offered. Genesis is reportedly planning to kill off its most affordable model as it shifts its focus to SUVs and electric vehicles.

The most affordable Genesis model is on the way out

Starting at $42,500, the G70 is the most affordable Genesis vehicle offered. But that might not be the case for long.

According to a new Automotive News report, the Genesis G70 sedan will be retired after the 2027 model year. Although it was the luxury brand’s third-best-selling vehicle last year, Genesis is moving away from sedans, with more buyers opting for SUVs and EVs.

The report said that industry analysts don’t believe the G70 is on track for a second generation. And that’s not just the US, Genesis expected to kill off its most affordable model globally.

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Genesis has yet to confirm the news, but a company spokesperson said, “We have no plans to discontinue the G70 at this time.”

The keyword is “at this time.” The G70 underwent a major refresh for the 2022MY. Much like its newest models, Genesis fine-tuned the exterior design and added more luxury to the interior, featuring a larger infotainment system and new features.

Genesis-most-affordable-model
2025 Genesis G70 (Source: Genesis)

Genesis already dropped one model this year. Earlier this month, Genesis confirmed to Car and Driver that it will no longer sell the Electrified G80 in the US, its luxury electric sedan.

The electric G80 has already been pulled from its US website, leaving only the GV60 and Electrified GV70 as purely electric options.

Genesis-G80-EV
Genesis Electrified G80 updated model (Source: Hyundai)

Genesis said that “the customer is at the core of every decision we make, and we remain flexible as we adapt to ever-changing consumer needs and market conditions.”

If Genesis kills off the G70 sedan, it will leave the GV70 SUV as its most affordable model, with starting prices from $47,985.

Genesis-GV90-coach-doors
Genesis Neolun ultra-luxury electric SUV concept (Source: Genesis)

While Genesis is trimming sedans from its lineup, it’s planning to trade up for a new flagship electric SUV. The GV90 will be the production version of the Neolun concept (shown above) revealed last March.

Genesis is expected to introduce the GV90 next year as its new ultra-luxury SUV to rival the Mercedes-Benz G-Class. Last month, we caught a sneak peek of it for the first time with Rolls-Royce-like coach doors.

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The Hyundai IONIQ 2 makes a surprise appearance: Here’s our first look at the new EV [Video]

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August 12, 2025

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The Hyundai IONIQ 2 makes a surprise appearance: Here's our first look at the new EV [Video]

hyundai-ioniq-2-first-look

We are finally getting our first look at the IONIQ 2, the smaller sibling to the Hyundai IONIQ 5. Hyundai is expected to reveal the new EV next month, but after it was spotted driving near its tech center, we are already getting a sneak peek. Check it out for yourself in the video below.

Here’s your first look at the Hyundai IONIQ 2 out in the wild

Hyundai is betting on more affordable EVs to drive growth. It’s already finding success with the Inster EV, its cheapest electric car.

In the heart of Europe, Germany, the Inster EV was the top-selling small electric car through the first half of the year.

Hyundai is preparing to introduce another low-cost EV as part of its expanding IONIQ lineup. The IONIQ 2 will sit between the Inster EV and Hyundai Kona Electric in an increasingly popular segment.

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Hyundai is expected to introduce the IONIQ 2 next month at the Munich Motor Show, with sales set to begin in mid-2026.

Although we caught a glimpse of a camouflaged model last month in a South Korean parking lot, a new video reveals the IONIQ 2 testing on the road.

The video from CarSpyMedia offers a good look at the new EV from all angles. As with the EV2, the IONIQ 2 will feature a taller, more SUV-like profile.

It’s still covered, but you can expect to see new design elements, such as redesigned LED headlights, featured on the new IONIQ 6.

Kia-EV2
Kia Concept EV2 (Source: Kia)

The interior will undergo a “step change” from current models, according to Autocar, with new software, features, and an updated infotainment system.

Hyundai-new-IONIQ-6-EV
The interior of the new Hyundai IONIQ 6 (Source: Hyundai)

Like most Hyundai, Kia, and Genesis electric vehicles, the IONIQ 2 will be based on its E-GMP platform. It will likely be offered with different battery pack options, similar to the Kia EV3. The EV3 is available with 58.3 kWh and 81.4 kWh battery packs, providing WLTP range of 267 miles and 372 miles respectively.

You can also expect it to share parts and similar styling to Kia’s upcoming EV2. The EV2 is scheduled to go on sale a few months ahead of the IONIQ 2.

Hyundai has yet to announce the price range, but it’s likely to start at around 30,000 euros ($35,400), which is slightly less than the Kia EV3’s price of 35,990 euros ($42,500).

Unfortunately, the IONIQ 2 is not expected to launch in the US. Hyundai is doubling down on SUVs after ramping output of the three-row IONIQ 9 and 2025 IONIQ 5 at its Georgia EV plant.

What do you think of Hyundai’s new low-cost EV? Would you buy one for around $35,000?

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