Coal India hikes coal prices for first time in five years

Coal India Ltd., one of the world’s largest coal producers, raised coal prices for the first time in five years. Prices for the top nine types of thermal coal will rise 8 percent from Wednesday, the company statement said, in a move aimed at boosting revenues and offsetting higher non-executive pay costs.

The coal that is going up is mostly high-quality coal used by industrial users, not coal used by power plants to generate electricity, meaning the price hike should not have a significant impact on energy bills. India relies on coal for about 70% of its electricity generation.