01/Research
Research reports
Long-form reports from the Not Into Finance desk. Switch between the shelf and a grid, or filter by sector. Tap any cover for a quick preview before opening the full PDF.
Latest report
AADI/Mining/August 2026 · 22p
The Coal Paradox: Demand, Supply, and the New Economics of Indonesian Thermal Coal
Why Indonesian thermal coal prices are surging even as coal's share of global power generation keeps falling, with a case study on PT Adaro Andalan Indonesia (AADI).
- 01Electricity consumption rose across all six regions studied over the past 12 months (Europe +9.0%, China +5.8%, Thailand +2.1%, Taiwan +1.5%, US +1.2%), but coal's share of the power mix fell in every one of them.
- 02The extra demand was absorbed mostly by renewables, not coal: China's solar output rose 137 TWh (+35.6%) versus thermal's +65 TWh (+1.2%), and US non-hydro renewables added 81 TWh versus coal's +6 TWh.
- 03Coal remains far cheaper than gas (38% in Europe, 187% in Asia per UBS), but a clear switch back to coal only shows up in Japan since the war began in March 2026.
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02/Writing
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