The relationship between international energy prices and domestic coal prices

After a positive standard deviation impact on the international unit heat price of natural gas in this period, the positive effect of the international coal price on the impact of natural gas price continues to increase, reaching a maximum response range of 0.04 around the 10th period, and then rapidly falling to a stable level. The response range of domestic coal unit heat price to gas price shock has also remained positive, and slowly fell after the response reached the maximum, and tended to be stable. Natural gas and coal have substitutes. When the price of natural gas rises, the economy of coal power generation becomes prominent, the proportion of coal power generation increases, and the demand for coal also increases, thus driving up the price of coal.

Coal has a significant comparative price advantage, and the price of coal per unit heat is significantly lower than that of oil and gas. The expected rise in oil and gas prices is expected to tilt global energy consumption toward coal, while Russia's coal is limited by the lagging construction of infrastructure such as railways and ports, and will not be transferred to the international coal market to a large extent, thus aggravating the contradiction between global coal supply and demand. Helping to keep coal prices high.