The end of the coal retirements tailwind
Why winter reliability is reshaping the coal-to-gas outlook
Coal retirements drove 4.1 Bcfd of gas demand growth since 2019, and gas gained an additional 2.3 Bcfd of market share by displacing coal at the remaining units. But with rising gas prices, coal displacement reversed in 2025 and is poised to do so again this year, as LNG exports ramp up. In this higher gas price environment, coal retirements, then, will…
