Coal India posted the first decline in annual shipments in at least six years as demand from power producers weakened and its production was hit by heavy rains earlier in 2019.
Shipments fell 3.8 per cent in 2019 from a year ago to 580.8 million tonnes, according to Bloomberg calculations based on data from the state-run company dating back to 2013. Production slipped 2.2 per cent to 582.8 million tonnes, the data showed.
On a monthly basis, shipments rose 1.9 per cent in December from last year to 53.63 million tons, the Kolkata-based miner said late Wednesday. Output climbed 7.2 per cent to 58.02 million tons. Coal India is the biggest coal-producing company in the world.
India’s power generation from coal is poised to shrink in 2019 for the first time in at least 14 years. The decline mirrors a global trend as nations embrace cleaner forms of energy in a bid to cut emissions and reduce air pollution.